Neither rain nor snow nor congressmen from New Jersey nor vacant possession rulings shall keep Russian billionaire Mikhail Prokhorov from his appointment as the owner of the Nets.
That was NBA Commissioner David Stern’s stance yesterday at his press conference following the Board of Governors meeting in Midtown, where he insisted Prokhorov passed the league’s thorough background checks and now stands to gain ownership of the Nets by mid-May or June at the latest.
“Mr. Prokhorov has made it very clear to us that this is a transaction he wants very much to close. And we have no expectation other than it will close hopefully in May. [If not], then it’ll be June, but it’s going to happen,” Stern said, noting the league has delayed approval of the sale until the “vacant possession,” the clearing of all residents and businesses from the Brooklyn site of the team’s new arena, is settled.
Congressman William Pascrell (D-N.J.) this week called for an investigation because one of Prokhorov’s firms does business in Zimbabwe. The NBA claimed Pascrell misinterpreted the law, which “doesn’t apply to Mr. Prokhorov, but if it did, he would be in complete compliance.”
With so much awaiting the Nets — the draft, free agency, the naming of a coach — Stern said Prokhorov could seek “an acceleration” of the closing should vacant possession snarl. The commissioner also provided good news for the Nets and other teams with significant salary cap space by announcing the cap will be a higher-than-expected $56.1 million.
“If it got to be draft time, there might be an acceleration of the closing in any event, even without the vacant possession,” Stern said. “The prospects of the Nets . . . have taken a turn for the better and Mr. Prokhorov made a very good investment, and I don’t think he wants to not close on it.”