NJ Nets, Russia's richest man agree to deal

(AP) - Russia's richest man has a deal to buy a controlling interest in the New Jersey Nets and nearly half of a project to

NEW YORK - (AP) - Russia's richest man has a deal to buy a controlling interest in the New Jersey Nets and nearly half of a project to build a new arena in Brooklyn.

Mikhail Prokhorov's Onexim Group announced the deal Wednesday with Forest City Ratner Companies and Nets Sports and Entertainment. They say they have signed a letter of intent to create a strategic partnership for the development of the Atlantic Yards Project.

NBA Commissioner David Stern is praising the move. He says it's a chance for the NBA to expand globally and ensures that the Nets will have a new arena.

The deal would have to be approved by the NBA's board of governors.

advertisement | advertise on News 12

Trending Video

VIDEO: March to help seniors apply to college 1 VIDEO: March to help seniors apply to college
Brooklyn Weekend Travel Advisory, Dec. 10-11 2 Brooklyn Weekend Travel Advisory, Dec. 10-11
3 VIDEO: Interview with friend of East NY throat slashing victim
Check out these animals up for adoption. 4 Furry Friends for 12/9 - Animals for Adoption
Some flavors offered were strawberry and tamarind. 5 Parade participants partake in snow cones

advertisement | advertise on News 12

Features

Furry Friends is a weekly segment on News Furry Friends

Furry Friends is a weekly segment on News 12 Brooklyn nightside.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE