NBA board of governors approves sale of New Jersey Nets to Russian billionaire Prokhorov

NBA approves sale of Nets to Russian Prokhorov

NEW YORK — The New Jersey Nets are officially the Nyets.

The NBA’s board of governors approved the sale of the New Jersey Nets to Russian billionaire Mikhail Prokhorov on Tuesday.

Prokhorov becomes the league’s first owner from outside North America. A person with knowledge of the voting results told The Associated Press that NBA owners voted 29-0 to approve the purchase. One team did not vote. The sale had to be approved by three-fourths of the NBA’s owners.

The person requested anonymity because the voting totals were not released.

“Today’s vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball,” Prokhorov said in a statement. “For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about.”

Russia’s richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team’s Barclays Center in Brooklyn. The 18,000-seat arena is to open in 2012.

The Nets hope Prokhorov’s wealth will help them quickly turn around from a 12-70 season.

The next step comes next week with the NBA draft lottery, which the Nets have a 25 percent chance of winning to earn the No. 1 pick and can finish no worse than fourth. Commissioner David Stern previously predicted Prokhorov could represent the team at the lottery.

The Nets have a chance to improve greatly in the offseason, having at least $23 million in salary cap room to spend on a free agent group that might include LeBron James, Dwyane Wade, Chris Bosh and Rudy Gay.

Stern said the league anticipates that Prokhorov’s passion “for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”

Developer Bruce Ratner, who went overseas to start talks with Prokhorov last year, said the Russian will bring tremendous innovation and excitement to the NBA.

“He has a love for basketball and a commitment to excellence,” said Ratner, who will remain a minority owner.