Mikhail Prokhorov passes NBA background examinationPosted by Inside Hoops
Richard Sandomir of the New York Times reports:
Mikhail D. Prokhorov has survived the N.B.A.’s background examination, helping the billionaire Russian oligarch take another step toward acquiring 80 percent of the Nets and 45 percent of the proposed Barclays Center in Brooklyn. He is said to be Russia’s richest man…
The N.B.A.’s decision to make known its clearance of Prokhorov’s background came a day after his company, Onexim Sports and Entertainment Holdings, closed on the deal to pay Forest City Ratner Companies, which is developing the Barclays Center as the part of the Atlantic Yards project, $200 million for his stakes in the team and the arena.
Prokhorov has also agreed to fund up to $60 million of the Nets’ losses until they move into the arena in 2012 and assume 80 percent of the team’s $207 million in debt. He has an option to buy up to 20 percent of Atlantic Yards.