(Sports Network) - Mikhail Prokhorov, reportedly the richest man in Russia, signed a provisional deal to become principal owner of the New Jersey Nets on Wednesday.

Prokhorov, head of the Onexim Group, joins with the company created and maintained by Nets owner Bruce Ratner along with Nets Sports and Entertainment in an effort to relocate the franchise from East Rutherford, New Jersey to the borough of Brooklyn as part of the Atlantic Yards project.

A finalized deal calls for Prokhorov to invest $200 million into the team in a swap for an 80 percent stake in the Nets and 45 percent piece of the new arena. In addition, he is slated to purchase up to 20 percent of the Atlantic Yards Development Company which is overseeing the project.

"Mikhail and Onexim will be great partners for this project," Ratner said. "I am thrilled that smart global investors appreciate the exciting economic potential of Brooklyn. We are one step closer to achieving our goals."

The pact to include Prokhorov was deemed necessary, as Ratner is struggling to meet deadlines and financing for the project which would cost $800 million and has been met with much opposition over the last three years.

Completion of the deal is contingent upon approval from the NBA's Board of Governors. When that hurdle is cleared, Prokhorov would become the first non- Canadian foreign majority owner of an NBA franchise.

"We are looking forward to the Nets' move to a state-of-the-art facility in Brooklyn, with its rich sport heritage," said commissioner David Stern. "Interest in basketball and the NBA is growing rapidly on a global basis and we are especially encouraged by Mr. Prokhorov's commitment to the Nets."

The franchise, which got its start in the American Basketball Association, entered the NBA prior to the 1976-77 season as the New York Nets and played out of Nassau Coliseum on Long Island before moving to New Jersey in 1978.



































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