According to the New York Times, Mikhail D. Prokhorov is inching closer and closer to becoming the first overseas owner of an NBA franchise. The billionaire is planning on moving the Nets from New Jersey to Broolyn, New York:

The Russian billionaire Mikhail D. Prokhorov moved closer to taking control of the Nets on Tuesday night when he signed formal contracts to buy a controlling stake in the team and to invest in its new home, a billion-dollar arena planned as part of a development in Brooklyn.

Prokhorov’s company, Onexim Sports and Entertainment Holdings, is paying $200 million for an 80 percent stake in the Nets and a 45 percent interest in the arena. He has also agreed to cover the team’s losses, up to $60 million, until the Nets move to the new arena, presumably by June 2012. The Nets currently play in East Rutherford, N.J.

I wonder if Prokhorov got a better deal considering the Nets’ infamous start to the season? What kind of business man wouldn’t try to bargain the price down after such depreciation? Read the full article in the New York Times.