On September 24, 2009, Mikhail Prokhorov, Russia's third-richest man according to Forbes, confirmed his intention to become majority owner of the Nets. Prokhorov sent an offer to the team owners requesting that the controlling shares of the basketball club be sold to his company, Onexim, for a symbolic price. In return, Prokhorov funded a loan of $700 million for the construction of Barclays Center, and attracted additional funds from Western banks. Prokhorov stated that he initiated the deal to help push Russian basketball to a new level of development. On May 11, 2010, following approval from the other owners of NBA teams, Prokhorov had become the principal owner of the Nets.
On September 24, 2009, Mikhail Prokhorov, Russia's third-richest man according to Forbes, confirmed his intention to become majority owner of the Nets Prokhorov sent an offer to the team owners requesting that the controlling shares of the basketball club be sold to his company, Onexim, for a symbolic price. In return, Prokhorov funded a loan of $700 million for the construction of Barclays Center, and attracted additional funds from Western banks. Prokhorov stated that he initiated the deal to help push Russian basketball to a new level of development. On May 11, 2010, following approval from the .other owners of NBA teams, Prokhorov had become the principal owner of the Nets.