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05/12/2010 - East Rutherford, NJ (Sportsbook Betting Lines) - Mikhail Prokhorov is officially the principal owner of the New Jersey Nets, as Onexim Sports and Entertainment Holding USA, Inc., Forest City Ratner Companies and Nets Sports and Entertainment announced Tuesday the closing of their historic agreement.
The deal calls for Prokhorov, the head of the Onexim Group and reportedly the richest man in Russia, to own an 80-percent stake in the capital of the Nets and a 45-percent share in the Barclays Center arena in Brooklyn.
"This much-anticipated day has finally come and now the real fun begins of building a championship team with a state-of-the-art home in the Barclays Center at Atlantic Yards," said Prokhorov, who also stated he will attend next week's draft lottery. "To the fans, whether in New Jersey, Brooklyn, or Moscow, I will do everything I can to give you a winning team."
Bruce Ratner -- the Nets' former majority owner -- also announced all paperwork related to the new arena's lease has been completed and bond funds have been released from escrow.
The transaction was approved by the NBA's board of governors on Tuesday, making Prokhorov the first non-North American owner of an NBA franchise in league history.
The Nets, who finished with the worst record (12-70) in the NBA last season, will begin a two-year stint at the Prudential Center in Newark, though the move is temporary with the expected move to Brooklyn by the beginning of the 2012-13 season.
The pact to include Prokhorov was deemed necessary, as Ratner was struggling to meet deadlines and financing for the project which would cost $800 million and has been met with much opposition since its inception.
The franchise, which got its start in the American Basketball Association, entered the NBA prior to the 1976-77 season as the New York Nets and played out of Nassau Coliseum on Long Island before moving to New Jersey in 1978.
<< Twins activate P Mijares from DL, option C Ramos
Minneapolis, MN (Sportsbook Betting Lines) - The Minnesota Twins activated left-handed
pitcher Jose Mijares from the 15-day disabled list and optioned catcher Wilson
Ramos to Triple-A Rochester on Wednesday.
Mijares, who has been struggling with
<< Bucs' Cadillac Williams signs tender offer
Tampa, FL (Sportsbook Betting Lines) - Tampa Bay Buccaneers running back Cadillac
Williams signed his one-year tender offer on Wednesday.
The oft-injured Williams was Tampa Bay's leading rusher in 2009, running for
823 yards and four touchdo
<< Orioles make several roster moves
Baltimore, MD (Sportsbook Betting Lines) - The Baltimore Orioles made several roster
moves on Wednesday, among them optioning outfielder Nolan Reimold to Triple-A
Norfolk.
After batting .279 with 15 home runs in 104 games during his rookie camp
<< Serena falls; Venus reaches Madrid quarters
Madrid, Spain (Sportsbook Betting Lines) - World No. 1 star Serena Williams was a
third-round upset victim on Wednesday, while her fellow former top-ranked
sister Venus moved into the quarterfinals at the $4.5 million Madrid Open,
a clay-court Frenc
Swiss upset Canada, USA loses again at Worlds >>
Mannheim, Germany (Sportsbook Betting Lines) - Ivo Reuthemann, Thomas Deruns and
Martin Pluss each registered a goal and two assists, as Switzerland put to
rest 76 years of frustration at the hands of Canada with a 4-1 victory
Wednesd
Nationals' Marquis expects to go under the knife >>
New York, NY (Sportsbook Betting Lines) - Jason Marquis, Washington's biggest
acquisition in the offseason, indicated on Wednesday he is expecting to
undergo surgery on his right elbow in the near future.
Marquis, who was 0-3 with a
Olivo's HR in 10th lifts Rox over Phils in twinbill opener >>
Denver, CO (Sportsbook Betting Lines) - Miguel Olivo crushed the first pitch he saw in
the 10th inning into the left field seats, giving the Colorado Rockies a 4-3
win over the Philadelphia Phillies in the first game of a day-night
doubleh
Diamondbacks make change in bullpen >>
Phoenix, AZ (Sportsbook Betting Lines) - The Arizona Diamondbacks recalled right-
handed reliever Carlos Rosa from Reno and optioned reliever Daniel Stange to
their Triple-A affiliate.
Rosa, acquired from the Royals in exchange for minor
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