Russia's Richest Man Bids for NBA Team

Sept. 22 -- Russian tycoon Mikhail Prokhorov, has made a takeover bid for the New Jersey Nets NBA basketball team, according to an entry on his blog. If his move is successful, it would be the first time a National Basketball Association club would be under foreign control.

Prokhorov's proposals, sent to existing Nets shareholders at the weekend, would see his Onexim group provide a loan to build a substantial part of a new arena. Sources close to the billionaire have previously estimated the overall value of any deal at $700 million.

Nets and NBA officials declined to comment, but the team said last week that they have received interest from potential investors in the team. NBA rules do not bar overseas ownership, and transfer of ownership requires background checks on a new owner as well as approval by 75 percent of the league's 30 owners.

A former chief executive of the world's largest nickel firm Norilsk Nickel, Prokhorov has an estimated fortune of $9.5 billion, according to the latest Russian edition of Forbes magazine.

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