Russian Agrees to Buy Nets; Ball in Nba's Court

Summary

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Nets principal owner Bruce Ratner on Wednesday trumpeted the signing of a letter of intent with Russian billionaire Mikhail Prokhorov, who would obtain 80 percent ownership of the team.

But two major hurdles remain before the Nets leave the Meadowlands for a new Brooklyn home that would be part of a multibillion-dollar Atlantic Yards project: a pending court case, and the National Basketball Association's extensive ownership vetting process that will look into the background of a 44-year-old bachelor, who was described in Fortune magazine last year as "perhaps the wildest child of the [Russian] oligarch set."

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Extract

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Russian Agrees to Buy Nets; Ball in Nba's Court

The New York Court of Appeals will hear oral arguments on Oct. 14 about the expected use of eminent domain at the site. Atlantic Yards opponents contend that the state constitution does not permit private property to be seized for a project ...

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