Prokhorov’s Nets buy approved

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The National Basketball Association has approved Russian oligarch Mikhail Prokhorov’s purchase of an 80 percent stake in the New Jersey Nets team, according to the Associated Press. Prokhorov had agreed to buy the NBA team last year, providing financing for the construction of the new Barclays Center, in which he will have a 45 percent stake, a part of the Atlantic Yards development project in Downtown Brooklyn where the Nets will play. Prokhorov is the first owner in the NBA who is not from North America. [AP via Crain’s]

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