24 Sep 2009

Russian set to by NJ Nets

7:11 am on 24 September 2009

Russia's rich are now making their mark in American sport.

With his fellow countrymen involved in football clubs in Europe, Russia's richest man has a deal to buy a controlling interest in the New Jersey Nets, an NBA basketball club.

Mikhail Prokhorov's Onexim Group say they've also signed a letter of intent to create a strategic partnership for the development of a new arena in Brooklyn.

NBA Commissioner David Stern is praising the move... he says it's a chance for the NBA to expand globally and ensures that the Nets will have a new arena.

The deal would have to be approved by the NBA's board of governors.