Nets Sale To Prokhorov Still Faces Months Of Uncertainty

NBA BOG Still Has To Vote On Nets Sale To Prokhorov

The Nets still could "face months of ownership limbo before" the NBA BOG votes on Bruce Ratner's sale to Mikhail Prokhorov, according to Chris Sheridan of ESPN.com. A league spokesperson said that the Nets "still have not submitted a formal sale application, which would be the next step in the process for the ownership transfer to Prokhorov." NBA sources indicated that those papers "will not be filed with the league office" until the Atlantic Yards development "goes through a 'master closing' in mid-December." Team officials privately are "hoping for a vote in the first quarter of 2010," and Sheridan noted the Nets "need one by April or May before they head into summer 2010" with more than $20M in salary cap space. An NBA source said that Ratner would "maintain operating control of the team while a sale is pending," and Prokhorov "could not influence personnel decisions prior" to the BOG vote (ESPN.com, 11/25).

RIGHT PLACE, RIGHT TIME: The FINANCIAL TIMES wrote Prokhorov has "found himself in the right place at the right time." The Nets, 0-17 this season, "may be the butt of jokes at the moment." But the franchise represents an "unglamorous bargain with plenty of upside" for Prokhorov. The team's "anaemic New Jersey fan base could grow overnight with a move to basketball-obsessed Brooklyn, which has been without" a professional sports team since the Dodgers moved to L.A. in 1957. In addition, the team's "awful record will entitle it to some high draft picks and, with the move to Brooklyn, luring a brand-name star or two from another team should become easier" (FINANCIAL TIMES, 11/28).

Thorn Does Not Have Contract With Nets Beyond This Season

LIKE A ROCK: In New Jersey, Steve Politi writes Nets President Rod Thorn is the "last reason to believe" in the team after it fired coach Lawrence Frank yesterday. Thorn does not have a contract beyond this season, and "for the few remaining fans of this team, that's a scarier prospect than an 0-17 record." Thorn yesterday said of his future, "That's a decision that the new owners will have to make, and that's for another day." But Politi writes, "It shouldn't be. His record with this team is too good to be twisting in the wind now, his resume too impeccable to be wondering about his future with the franchise he once made a contender." The Nets still have "young talent and cap space," and "someday, the fortunes might change." But that "only happens with proper leadership" (Newark STAR-LEDGER, 11/30). ESPN.com's J.A. Adande addresses the Nets' coaching vacancy and writes, "The question is why would anyone want it?" The long-term prospects "aren't good, with a potential new owner" and the chance that Thorn may not return. New owners "always want their people," and "any coach hoping to impress his new bosses would be hindered by an abundance of losses with this young team" (ESPN.com, 11/30).

BLAME GAME: In N.Y., Mitch Lawrence notes if there is "anyone to blame for the current crisis, it starts at the top." For Ratner, "everything is about the bottom line," and that is "no way to run a team." Because of his "own financial woes, the Nets pared their salaries" to around $57M this season, just about $5M more than the Thunder, who own the NBA's lowest player payroll. Ratner's cuts have "spared no department," as coaching salaries also were cut by $1M. All of this is why Prokhorov's eventual takeover will be the "best thing to happen to the Nets" (N.Y. DAILY NEWS, 11/30).