Russia’s richest man, Mikhail Prokhorov, has made a takeover bid for major U.S. basketball team the New Jersey Nets, the tycoon confirmed on his blog on Tuesday. Former nickel baron Prokhorov boasts that if his move is successful, it would be the first time a National Basketball Association (NBA) club comes under foreign control.
Prokhorov’s proposals, sent to existing Nets shareholders at the weekend, would see his Onexim group provide a loan to build a substantial part of a new arena, according to a post on his website, md-prokhorov.livejournal.com.
Onexim would also receive a controlling stake of the NBA team for a “symbolic” price, the post said. Sources close to the billionaire have previously estimated the overall value of any deal at $700 million.
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