Russian billionaire promises to make NBA history


NEW YORK—Down at heel basketball team the New Jersey Nets needs money and charm -- and its colorful new owner, Russian oligarch Mikhail Prokhorov, is unloading Siberia-sized amounts of both.

Prokhorov, a lanky fitness fanatic measuring an NBA-worthy six-and-a-half feet plus (more than two meters), announced an ambitious transformation of the Nets Wednesday at his first press conference since taking over.

Speaking in heavily accented English, the 45-year-old metals magnate promised that the team, which last season went an NBA-worst 12-70, will reach the playoffs next year and win a championship soon after.

Along the way, the ramshackle outfit will move to a planned arena in Brooklyn for the 2012 season, becoming the more glamorous New York Nets, recruit the best coaches and players, and develop a global brand.

"If everything goes as planned, we plan to build a championship team in minimum one year, maximum five," he said, predicting the team, which reportedly lost $64 million this year, will be in the black by the move to Brooklyn.

Posted 08:07:00 05/20/2010
Agence France-Presse

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