Tuesday, September 22nd, 2009 at 5:02 pm
Russian billionaire Mikhail Prokhorov and his company Onexim have made a bid to take over a majority stake in the New Jersey Nets. The Nets are currently owned by real estate developer Brett Ratner; Jay-Z has a minority stake in the team, but is certainly the current figurehead of the organization. The deal has been sought out and encouraged by current ownership in an attempt to infuse more money into the equation and turn their potential move from New Jersey’s Meadowlands complex to a new stadium Brooklyn into a reality. Prokhorov will reportedly purchase the team for $700M, even though the franchise was last valued at around $295M (the money will most likely go towards the building of the new stadium, plus majority control of the team). Hopefully this move goes through, so the Nets can get some much needed money to finally get their team to BK, something that is probably a deal breaker for upcoming potential free agents such as LeBron James, Chris Bosh, and Dwayne Wade.