The Associated Press is reporting that Russia’s richest man has reached a deal to purchase a controlling stake in the New Jersey Nets. Mikhail Prokhorov’s Onexim Group announced the deal on Wednesday with Forest City Ratner Companies and Nets Sports & Entertainment.

The deal gives him 80% involvement in the team and 45% involvement in the arena that Bruce C. Ratner is building for the team in Brooklyn. Ratner will retain controlling interest in the arena upon its completion.

“This partnership will ensue the successful completion of a world-class entertainment venue in Brooklyn, the relocation of the NBA Nets basketball team and the economic and housing benefits of the Atlantic Yards Project.” said a joint statement from Forest City Ratner Cos, Nets Sports & Entertainment, and Prokhorov’s Onexim Group.

After the NBA reviews the proposal, the deal must be approved by 75% of its board of governors. Ratner and Prokhorov are hoping to have the sale completed by the first quarter of 2010.

Prokhorov already owns a stake in Russia’s top team and is worth an estimated $9.5 billion, but with this deal Prokhorov becomes the first NBA owner who is not North American.

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