ATS Sports Blog

The richest man in Russia, Mikhail Prokhorov, has initiated a takeover bid for the New Jersey Nets, the tycoon said on his blog Tuesday.

Prokhorov, a former nickel mining baron, touts that if his move works, it would be the first time an NBA team 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.

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