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Prokhorov May Fund NBA Stadium

Mikhail Prokhorov taking a free throw at a friendly match at the Association of Student Basketball in January. Sergei Nikolayev
Mikhail Prokhorov may help fund the construction of an arena for the New Jersey Nets, a spokesman for the billionaire’s holding company said Thursday.

Prokhorov, Russia’s wealthiest man and an avid basketball fan, is considering funding the stadium after being approached by someone involved in building Barclays Center, which is planned to go up in Brooklyn, Onexim spokesman Igor Petrov told The Moscow Times.

“The possibility exists” that Prokhorov will participate in the project, Petrov said, declining to say how much he would contribute.

Though Barclays has never disclosed the cost of the project, reports have said the stadium’s construction will cost around $800 million.

Prokhorov was rumored to have been in talks with Nets management in July to acquire a piece of the franchise.

The Newark Star-Ledger reported in July that Nets owner Bruce Ratner flew to Moscow to discuss the possibility of the billionaire taking a stake in the team. Sports Illustrated quoted an unnamed source as saying Prokhorov would pass the league’s vetting process for owners.

The billionaire’s interest in the team has not waned, an unnamed source told Reuters.

“This is a business story. The growth potential of the arena and the club is very high,” the source said.

Forbes estimated the value of the Nets to be about $295 million and ranks them 26th out of 30 NBA franchises in terms of market value.

Another source told Reuters that Prokhorov was getting a stake in the team as payment for a debt.

Prokhorov would get a noncontrolling stake in the club in return for funding the arena, a source close to the billionaire said, Vedomosti reported.

Petrov would not comment on reports of Prokhorov buying a stake in the team. Barclays declined to comment on the story. A New Jersey Nets representative did not reply to e-mailed questions.

Prokhorov, who stands 2.06 meters tall and is an avid basketball fan, also funded Euroleague champions CSKA Moscow through his company Norilsk Nickel, until selling his 25 percent stake in the mining giant last year.

While no Russian businessman has ever owned a piece of a major American sports franchise, several have become owners or shareholders in major football teams.

Roman Abramovich owns Chelsea, while Metalloinvest owner Alisher Usmanov is the second-largest shareholder in Arsenal.

Arkady Gaidamak, a Soviet emigrant who now lives in Israel, is the owner of Israeli football club Beitar Jerusalem.

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