NEW YORK (AP) -The NBA’s board of governors has approved the sale of the New Jersey Nets to Russian billionaire Mikhail Prokhorov.
Prokhorov becomes the league’s first owner from outside North America. Details of Tuesday’s vote were not provided. The purchase had to be approved by three-fourths of the NBA’s owners.
Russia’s richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team’s Barclays Center in Brooklyn.
The Nets hope Prokhorov’s wealth will help them quickly turn around from a 12-70 season.
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