Russian Tycoon To Buy NBA's Nets For $200M

Law360, New York (September 23, 2009, 5:30 PM EDT) -- Mikhail Prokhorov, Russia's richest person, on Wednesday agreed to buy a majority stake in the New Jersey Nets basketball team and a minority stake in a new arena to be built for the team in New York from real estate company Forest City Enterprises Inc. and its New York subsidiary Forest City Ratner Cos. Inc.

Forest City and a company controlled by Prokhorov, Onexim Group, signed a letter of intent to create a partnership to develop the Barclay's Center, which is slated to be the centerpiece...
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