The NBA Board of Governors on Tuesday approved Russian billionaire Mikhail Prokhorov’s acquisition of a controlling interest in the Nets.
“We are pleased that the NBA’s Board of Governors approved Mikhail Prokhorov’s purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league’s first majority investor from outside of North America,” said NBA Commissioner David Stern. “We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”
Prokhorov will become the NBA’s first non-North American owner as well as the second-wealthiest owner in the league after Paul Allen of Portland.
Follow Adam Zagoria on Twitter.
