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SBJ/20100322/This Week's News
After quick OK for Jordan, Prokhorov is next
Published March 22, 2010
NBA franchise sales activity has been swirling of late, with the fast-track approval of the Charlotte Bobcats sale to Michael Jordan and the expected sale of the Golden State Warriors. Next up is a vote on the proposed $200 million sale of the New Jersey Nets to Russian oligarch Mikhail Prokhorov.
The vote will likely occur when NBA owners gather in New York April 15-16 for their regularly scheduled board of governors meeting.
Jordan’s purchase of the Bobcats took less than a month for owners to approve, but a decision on whether to bring in the league’s first foreign owner has been slow in coming.
It has been six months since Nets owner Bruce Ratner announced his deal to sell the team and a minority interest in the Barclays Center arena to Prokhorov.
Jordan was unanimously approved by the NBA owners, but under board rules the Nets sale needs at least a three-fourths vote, or 23 of the NBA’s 30 owners, to win approval.
— John Lombardo