Mikhail Prokhorov and Nets Complete Agreement

Russian billionaire Mikhail Prokhorov is one step closer to becoming a part owner of the New Jersey Nets. An agreement to create a partnership between the two has just been completed, bringing Prokhorov’s American Dream that much closer to reality.

Mikhail Prokhorov is a Russian billionaire with big dreams for his role in the NBA. In September, Prokhorov expressed his interest in becoming the controlling shareholder of the potential New Jersey Nets. His expressed interests have apparently been heard loud and clear as it is just being reported that Prokhorov and the Nets ownership have reached an agreement that would sell 80 percent of the team and 45 percent of the new arena to Prokhorov. Ah, dreams can come true.

Nets majority owner, Bruce Ratner, said, “We’re delighted that we have finalized our agreement with Mikhail and Onexim. We’re excited about the new partnership and moving forward with the Barclays Center and the Atlantic Yards project.” Ratner has been searching for a major investor for more than a year, so Prokhorov showing up in September was most likely a very welcome surprise.

Prokhorov is also pleased with the latest progress in the deal. “I am looking forward to working with Bruce and his team to bring a world-class entertainment and sports center to the heart of New York City. Brooklyn is an exceptionally attractive market for a new arena and the Barclays Center will provide a fantastic home for the Nets,” he said.

Some believe that Prokhorov is a great choice as owner due to his undeniable business sense and his well-known love of basketball. Many are hoping that Prokhorov will be able to turn around the Nets and make the franchise financially successful once again. No pressure.