Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
New Nyets Owner Approved To Begin Giving Out False Hope
By
Ben Yakas
Published May 12, 2010
Modified May 12, 2010
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Ben Yakas
Published May 12, 2010
Modified May 12, 2010
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The NBA's Board of Governors has approved Russian billionaire Mikhail Prokhorov's purchase of the Brooklyn-bound NJ Nets. He becomes the first non-North American NBA owner, with 80 percent of the team and 45 percent of the Barclay Center under his control. In a statement released today, he oozed optimism about the future of last season's worst team in basketball: “For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about.”
But the person who is happiest to see the Nets deal go through is developer Bruce Ratner, who bought the team in the fall of 2004 for $300 million. Ratner admitted in a recent interview with the WSJ that he lost between $25-$30 million each season on the team, and was never really a basketball fan to begin with: "I was never one to puff my chest out with some big ego about being the owner of a basketball team." The only reason he bought the team was to facilitate the development and creation of Atlantic Yards project, which he had begun building over a decade before.
However, some local pols are unhappy over the allegations that Prokhorov had monetary ties to Zimbabwe President Robert Mugabe, and have called for a delay on the approval: “The public benefits of Atlantic Yards will be hollow if they are achieved with the help of profits gained through fraudulent schemes or a regime that holds no regard for human rights,” read the letter to NBA Commissioner David Stern, signed by Council members Brad Lander (D-Park Slope) and Letitia James (D-Fort Greene) and three state Assembly members.
Tagged
Atlantic Yards
basketball
Bruce Ratner
Mikhail Prokhorov
nba
nets
nyets
Ben Yakas
Ben Yakas is a former Gothamist reporter.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NY Archdiocese will soon settle $800M clergy sexual abuse claims
The deal would compensate over 1,300 alleged victims and help the church avoid bankruptcy.
By
Arya Sundaram
Published Oct 24, 2026 at 6:31 p.m. ET
Chinatown residents file lawsuit against after-hours construction on new 'mega jail'
Residents cite sleep disruption and dust-induced illness from nearly ‘round the clock’ construction.
By
Arya Sundaram
News
Chinatown residents file lawsuit against after-hours construction on new 'mega jail'
Residents cite sleep disruption and dust-induced illness from nearly ‘round the clock’ construction.
By
Arya Sundaram
Peepapalooza: NYC is heading to the Hudson Valley to watch the leaves
By
Elizabeth Shwe
and
Sean Carlson
NYPD: Officer shot, injured knife-wielding woman during ‘chaotic’ night at Queens home
By
Ryan Kost
3 slates vying to run Jersey City school board as city stares down major tax hikes
By
Michael Sol Warren
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .