Russian Billionaire Approved to Buy N.J. Nets

The NBA approved Mikhail Prokhorov's $200 million bid for the New Jersey Nets, which will give the Russian billionaire an 80 percent stake in the team and 45 percent ownership of the Barclays Center in Brooklyn, where the Nets plan on moving to in 2012. Prokhorov, who is the second richest man in Russia, will become only the second foreign owner of a U.S. sports franchise, and the first outside of North America. He plans on being involved in the May 18th draft lottery and free-agent market, which could help turn around the team with one of highest loss records in history. Prokhorov purchased the team from Bruce Ratner, who will make the controversial new arena in the heart of Brooklyn the center of a Brooklyn apartment complex that houses about 330,000 Russian immigrants. The complex has been held up for years by local residents opposed to the development. The sale is expected to be completed tomorrow.