New Jersey Nets may soon have a foreign owner


One of the worst teams in the National Basketball Association (NBA) is now going to cause wailing and gnashing of teeth overseas, as the New Jersey Nets are about to be purchased by Russian billionaire Mikhail Prokhorov.

On Wednesday, Prokhorov announced that he has a deal to purchase 80 percent of the Nets, along with almost half of a project to build a new basketball arena for them in Brooklyn. The deal would make Prokhorov the first non-North American owner in the NBA.