NBA approves new Nets owner Prokhorov

The NBA Tuesday approved the ownership transfer of the Nets to Russian billionaire Mikhail Prokhorov.

Prokhorov, a nickel magnate regarded as the richest man in Russia, purchased 80 percent of the Nets from Bruce Ratner along with 45 percent of the Atlantic Yards arena project in Brooklyn, where the team plans to build Barclays Center.

"Today's vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball," Prokhorov said in a statement. "For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about."

The Nets are in desperate need for a turnaround. There has already been speculation that Prokhorov will immediately spend big and may look to former Phoenix Suns CEO Jerry Colangelo to run the team while keeping current team president Rod Thorn in place. Prokhorov's Nets could make a big offer to lure Duke coach Mike Krzyzewski out of the college ranks to coach the team. Kentucky's John Calipari is also believed to be a potential target, especially if the Nets win the first overall pick in next week's draft lottery and select John Wall.

The Nets, like the Knicks, also have a large amount of salary-cap space and could attempt to be major players in free agency. Rapper Jay-Z maintained his small ownership stake in the team and will attempt to talk his friend, LeBron James, into considering the Nets over the Knicks. It is believed Prokhorov is willing to spend whatever it takes to build a winner.

There were some concerns about Prokhorov's background, which is why the approval process took as long as it did. New Jersey congressman Bill Pascrell Jr. said Prokhorov has had business deals in U.S.-sanctioned Zimbabwe. But the NBA found no wrongdoing.

Stern, for one, is excited about adding not only yet another billionaire to his list of owners - Prokhorov would make eight - but the NBA's first majority investor from outside North America. The NBA managed to corner China as a major market and the league hopes Russia can become just as fruitful. But just accelerating the long-awaited move to Brooklyn would suffice. Ratner bought the team in 2004 mainly for the Atlantic Yards project, which has already broken ground, though it remains in litigation.