New Brooklyn Nets Arena Guaranteed To Happen

2009fatman · 09-23-2009, 03:26 PM

As a Long Time Nets Fan from their days on Long Island couldn't be more Happy..Just don't like the fact that this Russian will own an American NBA team..But at least the City union workers get to build another stadium in NYC.

NJ Nets, Russia's richest man agree to deal

By TOM CANAVAN,
AP Sports Writer

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 partnership for the development of the Atlantic Yards Project.

According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate.

Prokhorov would be the first non-North American NBA owner.

NBA commissioner David Stern praised the move, saying it will help the NBA expand globally and ensures that the Nets, whose current principal owner is Bruce Ratner, will have a new arena.

"Interest in basketball and the NBA is growing rapidly on a global basis, and we are especially encouraged by Mr. Prokhorov's commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia," Stern said in a statement.

The NBA will review the proposal, and the deal must be approved by three-fourths of the NBA's board of governors.

Ratner and Prokhorov said in the joint statement they hope to have the sale completed by the first quarter of 2010.

"I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia," Prokhorov said in a statement. "I look forward to becoming a member of the NBA and working with Bruce and his talented team to bring the Nets to Brooklyn."

Stern said the league was looking forward to the Nets' move to a state-of-the-art facility in Brooklyn. The team currently plays at the Izod Center in East Rutherford, N.J., a building that opened about 30 years ago.

Prokhorov, who owns a share in the Russian basketball team CSKA, was ranked as the country's richest man in the Russian edition of Forbes, with an estimated fortune of $9.5 billion. He has weathered the global economic crisis better than many of his wealthy compatriots by cashing out of some lucrative assets before the downturn battered commodity markets.

According to Forbes, his fortune shrank by some $7 billion - a breathtaking loss by most standards, but mild in comparison with some Russian oligarchs. Roman Abramovich, who as owner of Chelsea is Russia's best-known international sports magnate, lost more than $9 billion, and Oleg Deripaska, a rival in Russia's metals business, lost around $35 billion.

Prokhorov's interest in basketball isn't only as a spectator. The 44-year-old was an avid player in his high school and college years.

He shot to prominence in the murky and chaotic early years of privatization deals that followed the collapse of the Soviet Union. In 1993, the Onexim bank that he headed acquired Norilsk Nickel, one of Russia's huge but lumbering and inefficient industrial conglomerates.

Prokhorov's stewardship saw Norilsk become more efficient and profitable. He resigned as Norilsk chairman in 2007 and sold off his shares for $7.5 billion, but retains substantial interests in other metals companies through Onexim, including shares in gold miner Polyus and Rusal, the world's largest aluminum company.

Onexim's other interests include real estate, insurance and energy.

chesapeakejet · 09-23-2009, 03:31 PM

Maybe he could buy the Jets and use his russian mafia muscle on the Dolans so we could have that stadium in Manhatten!

JumbalayaJet · 09-23-2009, 03:37 PM

Might get me over to Brooklyn one or two more times that year.

Tyler Durden · 09-23-2009, 03:38 PM

I live in NJ, could care less about the Nets, I'm sure playing in Brooklyn will help them big time.

2009fatman · 09-23-2009, 04:05 PM

Quote:

Originally Posted by chesapeakejet

Maybe he could buy the Jets and use his russian mafia muscle on the Dolans so we could have that stadium in Manhatten!

Woody could have gotten investors for the 300 million the state turned down and built his stadium in Manhattan..Just shows what happens when you stick to your guns! Ratner promised to get the Nets out of NJ and the swamps and did.

Maybe the Islanders can move to this new Brooklyn Arena, because the light House project isn't happening. Their KC game was a flop, so I doubt they're going there.

SAR I · 09-23-2009, 04:21 PM

"Ladies and Gentlemen! Introducing your 2010.....

NEW

YORK

NYETS!...."

SAR I

BIGKIDD325 · 09-23-2009, 04:28 PM

I've been a Nets fan since I was about 6 years old. I grew up about 20 minutes from the Meadowlands going to both Nets and Jets games. While I have a ton of memories in Continental Airlines Arena (I don't call it IZOD), but this is a good thing for the Nets. No one goes to the games in NJ. They will if they're in Brooklyn.

2009fatman · 09-23-2009, 04:40 PM

Quote:

Originally Posted by SAR I

"Ladies and Gentlemen! Introducing your 2010.....

NEW

YORK

NYETS!...."

SAR I

Brooklyn NYETS!

SAR I · 09-23-2009, 04:48 PM

Quote:

Originally Posted by 2009fatman

Brooklyn Nets

"Nyets", get it? Russian? "Nyet"? Ha ha, funny. Nyet?

SAR I

Ven0m · 09-23-2009, 04:49 PM

At this point, when is the soonest that stadium could even open anyways, 2012? 2013? The sale won't be finalized until Spring 2010 according to that report...and that's assuming all goes well.

RussianGreen · 09-23-2009, 05:49 PM

In MSG you are watching basketball.
In Brooklyn basketball watches you.

32green · 09-23-2009, 05:57 PM

Quote:

Originally Posted by SAR I

"Ladies and Gentlemen! Introducing your 2010.....

NEW

YORK

NYETS!...."

SAR I

lol oh man

RussianGreen · 09-23-2009, 06:01 PM

Quote:

Originally Posted by SAR I

"Nyets", get it? Russian? "Nyet"? Ha ha, funny. Nyet?

SAR I

Actually Russians pronounce No as Net, not Nyet. So absolutely no need to even change the team name. Unless they wanted to go positive and call them New York Dah's

acepepe · 09-23-2009, 06:01 PM

Can't wait for the GET EXTORTED BY OCEAN PARKWAY THUGS NIGHT, with free bobblehead!

Dcat · 09-23-2009, 06:35 PM

Quote:

Originally Posted by BIGKIDD325

I've been a Nets fan since I was about 6 years old. I grew up about 20 minutes from the Meadowlands going to both Nets and Jets games. While I have a ton of memories in Continental Airlines Arena (I don't call it IZOD), but this is a good thing for the Nets. No one goes to the games in NJ. They will if they're in Brooklyn.

was kind of hoping they'd go the Pru Center. Knicks fan at heart but geez I got to take my kids to a couple of NBA finals and really exciting conference championships and got great seats at a reasonable price for all those really good years. The Kidd/Martin years were just fine and a good experience for my family. C'est la vie. Go Knicks! and please stop sucking.

Kentucky Jet · 09-23-2009, 07:55 PM

Quote:

Originally Posted by chesapeakejet

Maybe he could buy the Jets and use his russian mafia muscle on the Dolans so we could have that stadium in Manhatten!

I wish! I was hoping that TRUMP would build that stadium on the West Side. He would have done a great job! That spot is still devoid of a decent building. What a tragic loss for the city of NY. Idiots! Bruno and Silver a JERKS!

NoJokeJets · 09-23-2009, 10:18 PM

Quote:

Originally Posted by SAR I

"Ladies and Gentlemen! Introducing your 2010.....

NEW

YORK

NYETS!...."

SAR I

Not bad!

2009fatman · 09-23-2009, 10:46 PM

Brighton Beach NYETS..

DevsJetsYanks88 · 09-23-2009, 10:50 PM

Quote:

Originally Posted by 2009fatman

Woody could have gotten investors for the 300 million the state turned down and built his stadium in Manhattan..Just shows what happens when you stick to your guns! Ratner promised to get the Nets out of NJ and the swamps and did.

Maybe the Islanders can move to this new Brooklyn Arena, because the light House project isn't happening. Their KC game was a flop, so I doubt they're going there.

I heard this will not be happening. The arena will be built for basketball and will not be equipped for hockey.

2009fatman · 09-23-2009, 10:58 PM

Quote:

Originally Posted by DevsJetsYanks88

I heard this will not be happening. The arena will be built for basketball and will not be equipped for hockey.

It's too bad because this would solve all of the Islanders problems..From what I've been reading in Newsday the Light House Project has totally turned their back in Wang..If the Light House doesn't happen Wang will without question sell the team, and the next owner will not keep them on LI in that dump they're playing in now.

But they haven't broken ground yet, and the Russians love Hockey. I'm sure they could make it fit for Hockey too. Looks like this would be the only option to keep the Islanders in New York.

09-23-2009, 03:26 PM	#1
2009fatman Go Geno! All Pro Join Date: Dec 2004 Location: Long Island, NY Posts: 6,794	New Brooklyn Nets Arena Guaranteed To Happen As a Long Time Nets Fan from their days on Long Island couldn't be more Happy..Just don't like the fact that this Russian will own an American NBA team..But at least the City union workers get to build another stadium in NYC. NJ Nets, Russia's richest man agree to deal By TOM CANAVAN, AP Sports Writer 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 partnership for the development of the Atlantic Yards Project. According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate. Prokhorov would be the first non-North American NBA owner. NBA commissioner David Stern praised the move, saying it will help the NBA expand globally and ensures that the Nets, whose current principal owner is Bruce Ratner, will have a new arena. "Interest in basketball and the NBA is growing rapidly on a global basis, and we are especially encouraged by Mr. Prokhorov's commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia," Stern said in a statement. The NBA will review the proposal, and the deal must be approved by three-fourths of the NBA's board of governors. Ratner and Prokhorov said in the joint statement they hope to have the sale completed by the first quarter of 2010. "I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia," Prokhorov said in a statement. "I look forward to becoming a member of the NBA and working with Bruce and his talented team to bring the Nets to Brooklyn." Stern said the league was looking forward to the Nets' move to a state-of-the-art facility in Brooklyn. The team currently plays at the Izod Center in East Rutherford, N.J., a building that opened about 30 years ago. Prokhorov, who owns a share in the Russian basketball team CSKA, was ranked as the country's richest man in the Russian edition of Forbes, with an estimated fortune of $9.5 billion. He has weathered the global economic crisis better than many of his wealthy compatriots by cashing out of some lucrative assets before the downturn battered commodity markets. According to Forbes, his fortune shrank by some $7 billion - a breathtaking loss by most standards, but mild in comparison with some Russian oligarchs. Roman Abramovich, who as owner of Chelsea is Russia's best-known international sports magnate, lost more than $9 billion, and Oleg Deripaska, a rival in Russia's metals business, lost around $35 billion. Prokhorov's interest in basketball isn't only as a spectator. The 44-year-old was an avid player in his high school and college years. He shot to prominence in the murky and chaotic early years of privatization deals that followed the collapse of the Soviet Union. In 1993, the Onexim bank that he headed acquired Norilsk Nickel, one of Russia's huge but lumbering and inefficient industrial conglomerates. Prokhorov's stewardship saw Norilsk become more efficient and profitable. He resigned as Norilsk chairman in 2007 and sold off his shares for $7.5 billion, but retains substantial interests in other metals companies through Onexim, including shares in gold miner Polyus and Rusal, the world's largest aluminum company. Onexim's other interests include real estate, insurance and energy. Last edited by 2009fatman; 09-23-2009 at 09:37 PM.

09-23-2009, 03:31 PM	#2
chesapeakejet is a geek who loves football boardgames. Schluberator & Gadfly ® Join Date: Mar 2005 Location: Virginia Posts: 24,503	Maybe he could buy the Jets and use his russian mafia muscle on the Dolans so we could have that stadium in Manhatten!

09-23-2009, 03:37 PM	#3
JumbalayaJet done with NMS Jets Insider VIP Charter JI Member Join Date: May 1999 Posts: 14,869	Might get me over to Brooklyn one or two more times that year.

09-23-2009, 03:38 PM	#4
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	I live in NJ, could care less about the Nets, I'm sure playing in Brooklyn will help them big time.

09-23-2009, 04:21 PM	#6
SAR I is excitedly looking forward to December22, the last home game, The Rexecution Banned Join Date: Apr 2005 Posts: 38,710	"Ladies and Gentlemen! Introducing your 2010..... NEW YORK NYETS!...." SAR I

09-23-2009, 04:28 PM	#7
BIGKIDD325 #helloplayoffs All League Join Date: Feb 2006 Posts: 2,617	I've been a Nets fan since I was about 6 years old. I grew up about 20 minutes from the Meadowlands going to both Nets and Jets games. While I have a ton of memories in Continental Airlines Arena (I don't call it IZOD), but this is a good thing for the Nets. No one goes to the games in NJ. They will if they're in Brooklyn.

09-23-2009, 04:49 PM	#10
Ven0m a shutdown poster Hall Of Fame Join Date: Aug 2003 Location: NY Posts: 18,349	At this point, when is the soonest that stadium could even open anyways, 2012? 2013? The sale won't be finalized until Spring 2010 according to that report...and that's assuming all goes well.

09-23-2009, 05:49 PM	#11
RussianGreen hates you Jets Insider VIP Join Date: Feb 2006 Posts: 4,419	In MSG you are watching basketball. In Brooklyn basketball watches you.

09-23-2009, 06:01 PM	#14
acepepe All League Join Date: Nov 2004 Posts: 3,428	Can't wait for the GET EXTORTED BY OCEAN PARKWAY THUGS NIGHT, with free bobblehead!

09-23-2009, 10:46 PM	#18
2009fatman Go Geno! All Pro Join Date: Dec 2004 Location: Long Island, NY Posts: 6,794	Brighton Beach NYETS..