NBA commissioner David Stern said that Mikhail Prokhorov, who has a deal to buy 80 percent of the Nets, had a positive introduction with NBA owners during their two-day Board of Governors meetings.
Prokhorov’s application is currently under review and the sale must be approved by three-fourths of the league’s owners. The league is currently performing background checks of Russia’s richest man, and Stern stressed that the process is still early.
“The review process is incomplete and the documents are not finalized,” Stern said. “That said, we haven’t surfaced anything that has caused us to have a negative opinion of him. We’re not finished.”
But Stern said, “We’re looking forward to the completion of that transaction.”
Prokhorov’s proposed deal with Nets owner Bruce Ratner would also give him nearly half of a project to build a new arena in Brooklyn. The purchase was made a month ago, and this was Prokhorov’s first chance since to meet his potential future fellow owners.
Prokhorov introduced himself as “Mike” and told owners of his interests in business and basketball — he owns a share of European power CSKA Moscow. With an estimated $9.5 billion through his banking and metals businesses, he has the worth to absorb some of the Nets’ huge debt and perhaps help make the team’s Brooklyn plans a reality.
Ratner faces a December deadline to break ground in Brooklyn or lose access to financing from tax-free bonds, so Stern said there will be a desire on both sides to get the Nets’ sale completed by then.
While waiting for that Brookyln arena to be built, the league seems OK with the team playing in Newark.
The Star-Ledger reported Thursday that the Nets were considering playing regular-season games at the Prudential Center as long as they don’t have to pay an $8 million penalty to get out of their lease at the Meadowlands.
“Where they play is their decision, subject to approval, but there’s no reason why we wouldn’t approve them playing games in a beautiful new arena,” Stern said.
The Nets played two preseason games in Newark, both drawing far more than they usual at the Izod Center. The announced crowd for their 96-92 loss to the Knicks on Wednesday night was 15,721.
Stern said he was aware of the report of a potential move.
“It’s theirs to decide where, as they get ready to move to Brooklyn, where they play,” Stern said. “We don’t have a preference, it would be guided by their preference.”
The Nets would not comment.