Ratner, Prokhorov Set Deal — Russian Gets 80% of Nets, 45% of Arena
September 23, 2009, 1:35 pm
Bruce Ratner and Mikhail Prokhorov have announced a wide ranging deal that will result in the Russian billionaire controlling 80% of the Nets and 45% of Barclays Center. In a press release issued Wednesday, Ratner and Prokhorov announced: “Entities to be formed by Onexim Group will invest $200 million and make certain contingent funding commitments to acquire 45% of the arena project and 80% of the NBA team, and the right to purchase up to 20% of the Atlantic Yards.”
A nice influx of cash into the team will be greatly appreciated. The Nets gutted their coaching staff, and scouting departments under Ratner. Praise Jah for the fall of the Soviet Union and the rise of the Oligarcs!
i --think-- that primary team owners usually own a little over 50% of their franchise, so 80% would be quite a large share. but it makes sense, considering how rich he is and how aggressive he will probably be.
i could be wrong, but so far i'm sensing this will be a bit like marc cuban 2.0- all areas of the team will probably get an upgrade, including bringing back the scouts at some point, but prokhorov may be so headstrong that he makes a certain number of moves that are counterproductive, such as in overvaluing his army of russian basketball people that he will bring in to replace management positions.
still, unlike cuban, he brings experience with a very successful franchise to the table. (PBC CSKA moscow)
Double-edged sword. Wasn't it Ratner that broke up the Finals team a few years back? I think he was the reason K-mart was not resigned and Kittles? The nets steadily declined since then. Hopefully his experience of owning the other team brings us fortune
That new ownership is not always good. I'm sure Ratner didn't intend to butcher the team at the time. I really hope this influx of cash and his experience turns this franchise around though. Maybe free agents will see the nets more appealing now
bruce ratner never butchered the nets. getting rid of kmart and kittles was unfortunate but was absolutely the smartest thing the nets could have done given that their bodies were shot. and it's true that the nets have been minor players in free agency ever since, but that's hardly ratner's fault given the steady yearly losses and the fact that no major player is ever interested in signing with the nets.
rod thorn managed to capture lightning in a bottle when he traded for jason kidd, but other than that magical event and having two healthy greyhounds on the fastbreak who were also killer defenders (kmart and kittles), the nets right now are pretty-much the same as they've always been- a mediocre team daydreaming about glory.
love him or hate him, the person who propelled the nets to take a huge step forward is none other than bruce ratner. his insistence on the brooklyn move, regardless if it was to further his development project, has turned the nets from perennial nobodies into a team to be taken seriously... very seriously. but it's true he needed prokhorov to seal the deal.
thanks, sherwinator. so far i'd have to say this is the best article i've seen. "net income" has just about passed dave d'allessandro as the best nets writer IMO: http://www.netsdaily.com/blog/?p=1424
it lays out all the pros and all the cons of the coming sale... what could go right and everything that can go wrong. both potentials are enormous, from the nets becoming the richest and possibly most-premier team in the league, successfully luring lebron james and another superstar here next year, all the way to the deal completely falling apart and the team being sold to a city way out west.
what some here may not know is that the sale is not a done deal and could be called off due to several reasons, the most dangerous perhaps being the 'counterattacks' being run by the arena protestors.