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Thread: Russian billionaire confirms $700M bid for Nets

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    Member redsfandan's Avatar
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    Russian billionaire confirms $700M bid for Nets

    Russian billionaire confirms $700M bid for Nets

    Prokhorov confirms interest in Nets
    Tuesday, September 22, 2009
    ESPN.com news services
    http://sports.espn.go.com/nba/news/story?id=4494932

    MOSCOW -- Russia's richest man, Mikhail Prokhorov, has made a takeover bid for the New Jersey Nets, the tycoon confirmed on his blog on Tuesday.

    Prokhorov, a former nickel mining baron, boasts that if his move is successful, it would be the first time a National Basketball Association club would come under foreign control.

    Prokhorov's proposals, sent to existing Nets shareholders over the weekend, would see his Onexim group provide a loan to build a substantial part of a new arena, according to a post on his Web site.

    Onexim would also receive a controlling stake of the NBA team for a "symbolic" price, the post said. Sources close to the billionaire have previously estimated the overall value of any deal at $700 million.

    "For our Onexim group the realization of this very lucrative business project, whose participation was made possible by the world crisis [never in history have foreigners owned an NBA club], is another interesting sports development," Prokhorov wrote.

    Nets and NBA officials declined to comment, but the team said last week that they have received interest from potential investors in the team.

    NBA rules do not bar overseas ownership, and transfer of ownership requires background checks on a new owner as well as approval by 75 percent of the league's 30 owners.

    Russian oligarchs spent money on yachts, mansions and sports clubs as their investments rose with soaring commodity prices in recent years. In the highest-profile deal, Roman Abramovich bought London soccer club Chelsea in 2003.

    While many of his Russian peers sought state bailouts, the 44-year-old Prokhorov, a former banker and mining executive, is flush with money after cashing out of assets in 2008 before the global crisis caused commodity prices to crash.

    A former chief executive of the world's largest nickel firm Norilsk Nickel, Prokhorov has an estimated fortune of $9.5 billion, according to the latest Russian edition of Forbes magazine.

    Developer Bruce Ratner owns the Nets, which Forbes magazine in December ranked as the 26th most valuable of the 30 NBA teams, with an estimated value of $295 million.

    The club plans to move from New Jersey to a new arena in Brooklyn.

    In addition, Ratner's company, Forest City Ratner, proposes constructing 16 office and apartment buildings, as well as upgrading subway, utility and other infrastructures as part of a larger project.

    Legal disputes, financing problems and challenges from local community groups have dogged the project for years. In June, Ratner dropped architect Frank Gehry to cut costs, further irking critics as Gehry's design was a key factor in winning public support for the project in the first place.

    Information from Reuters was used in this report.
    "Now that's a real shame when folks be throwin' away a perfectly good white boy like that."

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  3. #2
    Et tu, Brutus? Brutus's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    Perhaps I'm merely paranoid of the globalist agenda lurking in America, but I don't particularly care for this idea much. I had a hard enough time swallowing the Nintendo acquisition of the Mariners. This would be even tougher to swallow.

    Not to mention, if the rich are going to get richer, at least let it be American wealth.
    "No matter how good you are, you're going to lose one-third of your games. No matter how bad you are you're going to win one-third of your games. It's the other third that makes the difference." ~Tommy Lasorda

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    All Fired Up Revering4Blue's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    The club plans to move from New Jersey to a new arena in Brooklyn.
    Maybe it is just me, but I don't understand the need to move the franchise out of New Jersey. Why not just move to the Izod Arena in Newark, where the Devils play.

    And, if you must move out of N.J , why not build an Arena in Long Island. The Islanders are threatening to leave without a new arena, and there is much more disposable income among fans in Long Island than in Brooklyn.

  5. #4
    You're being very UnDude. sonny's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    wait...the NEW JERSEY Nets?
    Witty signature.

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    Re: Russian billionaire confirms $700M bid for Nets

    Quote Originally Posted by Revering4Blue View Post
    Maybe it is just me, but I don't understand the need to move the franchise out of New Jersey. Why not just move to the Izod Arena in Newark, where the Devils play.

    And, if you must move out of N.J , why not build an Arena in Long Island. The Islanders are threatening to leave without a new arena, and there is much more disposable income among fans in Long Island than in Brooklyn.
    Ummm...they do play in the Izod Arena. I think that the Brooklyn move is smart. New Jersey has always been a second class NBA market and New York can easily handle a second team.
    Variatio delectat - Cicero

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    Re: Russian billionaire confirms $700M bid for Nets

    I believe it's the Prudential Center that is in Newark that the Devils play in. The Izod Center at the Meadowlands is a dump. Good that they're getting out of there.

    Prokhorov and a partner invested a huge sum in one of my clients, so I it's funny to me to see his name come up. That investment turned out to be a disaster, but not because of anything he did or didn't do.

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    Re: Russian billionaire confirms $700M bid for Nets

    Quote Originally Posted by Boston Red View Post

    Prokhorov and a partner invested a huge sum in one of my clients, so I it's funny to me to see his name come up. That investment turned out to be a disaster, but not because of anything he did or didn't do.
    The real danger is knowing just how much of this guys money is real. So many of the post-Communist Russian magnates were taken down by the economic downturn (just ask Chelsea).
    Variatio delectat - Cicero

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    Re: Russian billionaire confirms $700M bid for Nets

    Oh, he also was once arrested for flying Russian prostitutes into the French Riviera for parties he was throwing. I think the charges were dropped. Definitely known as a playboy who loves basketball.

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    All Fired Up Revering4Blue's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    I believe it's the Prudential Center that is in Newark that the Devils play in.
    That is what I meant.

  11. #10
    The Lineups stink. KronoRed's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    Quote Originally Posted by sonny View Post
    wait...the NEW JERSEY Nets?
    New York Giants/Jets in New Jersey and New Jersey Nets in Brooklyn

    Makes perfect sense
    Go Gators!

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    Member 15fan's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    The New Jersey Nyets.

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    Member cumberlandreds's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    The NBA has always wanted to go global. Now is their opportunity for a team in Siberia.
    Reds Fan Since 1971

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    Rally Onion! Chip R's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    Quote Originally Posted by 15fan View Post
    The New Jersey Nyets.

    Very good.
    The Rally Onion wants 150 fans before Opening Day.

    http://www.facebook.com/pages/Rally-...24872650873160

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    Member Tom Servo's Avatar
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    Re: Russian billionaire confirms $700M bid for Nets

    Stopped caring about the Nets when they decided they were leaving NJ for Brooklyn. So I'm a Bobcats fan now.


    It's a downgrade.
    "Since I've been with the Reds in 1989, we've never had a farm system this loaded," Bowden said. "If we were the New York Yankees and had unlimited dollars, we could have traded for Colon, (Jeff) Weaver, Rolen, (Cliff) Floyd, (Kenny) Rogers and Finley and gotten them all -- and still held onto our top five prospects. That's an amazing statement."

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    Re: Russian billionaire confirms $700M bid for Nets

    Quote Originally Posted by Revering4Blue View Post
    Maybe it is just me, but I don't understand the need to move the franchise out of New Jersey. Why not just move to the Izod Arena in Newark, where the Devils play.

    And, if you must move out of N.J , why not build an Arena in Long Island. The Islanders are threatening to leave without a new arena, and there is much more disposable income among fans in Long Island than in Brooklyn.
    Easier for the Manhattanites to get to Brooklyn on a Wednesday night than to LI.


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