Polaroid
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Coming off a 12-70 season for the worst record in basketball, and also tied fourth for the all time worst season record, there is more than one reason for the New Jersey Nets to be a little more optimistic for 2010/11. On Tuesday evening, the NBA Board Of Governors approved the sale of the Nets with a unanimous vote in a deal which gives Russian Mikhail Prokhorov an 80% stake in the New Jersey NBA franchise along with a 45% share in the Barclays Center, the new arena being built in Brooklyn which is scheduled to be ready for the 2012/13 season. Prokhorov, listed in Forbes as the 39th richest man in the world in 2010, made his estimated $13.5 billion fortune in precious metals and he will become the official owner on Wednesday afternoon, over seven months after he made his initial offer.
"Today's vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball. For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about," said Prokhorov in a statement released via the Nets.
The move to a more lucrative stadium along with an owner with deep pockets will be a welcome relief to long suffering Nets fans who had the ninth lowest payroll in the NBA in the 2009/10 season. And the Nets could get a shot in the arm a lot sooner as there is the small matter of the 2010 draft next Tuesday where they are in pole position for the #1 pick which is widely expected to be John Wall, the point guard out of Kentucky. The random nature of the NBA Draft Lottery means the Nets are guaranteed a top four pick with a 25% chance it will be #1; however you have to go all the way back to 2004 for the last time the worst NBA team was given the top draft pick when the Orlando Magic drafted Dwight Howard.
The move by the Nets was not without controversy as Bill Pascrell, the Democratic Congressman in New Jersey, held up Prokhorov's purchase after accusing him of having business links with Zimbabwe although these allegations were dismissed. However, Nets fans will have no complaints as the team moved into the offseason at an estimated $23+ million under the salary cap and what good timing to have a new billionaire owner and salary flexibility in a free agent market containing Chris Bosh, LeBron James and Dwyane Wade.
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"Today's vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball. For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about," said Prokhorov in a statement released via the Nets.
The move to a more lucrative stadium along with an owner with deep pockets will be a welcome relief to long suffering Nets fans who had the ninth lowest payroll in the NBA in the 2009/10 season. And the Nets could get a shot in the arm a lot sooner as there is the small matter of the 2010 draft next Tuesday where they are in pole position for the #1 pick which is widely expected to be John Wall, the point guard out of Kentucky. The random nature of the NBA Draft Lottery means the Nets are guaranteed a top four pick with a 25% chance it will be #1; however you have to go all the way back to 2004 for the last time the worst NBA team was given the top draft pick when the Orlando Magic drafted Dwight Howard.
The move by the Nets was not without controversy as Bill Pascrell, the Democratic Congressman in New Jersey, held up Prokhorov's purchase after accusing him of having business links with Zimbabwe although these allegations were dismissed. However, Nets fans will have no complaints as the team moved into the offseason at an estimated $23+ million under the salary cap and what good timing to have a new billionaire owner and salary flexibility in a free agent market containing Chris Bosh, LeBron James and Dwyane Wade.
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