Brand
We mean business
Comprehensive legal services for businesses
in New Jersey and New York
Best Lawyers | Best Law Firms | U.S.News & world report | 2021
Richard J. Lambert was named by Best Lawyers® as a 2021 Corporate Law “Lawyer of the Year.”

Best Lawyers® is the oldest and most respected peer-review publication in the legal profession. Only one lawyer in each practice area in a given community is honored as “Lawyer of the Year.”

top-contextual
comprehensive legal services for businesses

Acquisition of the New Jersey Nets Means Change for Team and NBA

New Jersey’s NBA team, the Nets, has a new owner. In a recent business acquisition between developer Bruce Ratner and Russian entrepreneur Mikhail Prokhorov, $200 million bought Prokhorov the title of the Nets’ majority owner.

Prokhorov, 45, has made most of his money through gold but in general enjoys and succeeds in buying cheap assets and improving their performance. This is very well his case for buying the New Jersey Nets, a team whose number of wins is notoriously small.

Prokhorov just might have the power and the money to turn those numbers around and make the team a winning one. Reports say that come the annual draft lottery day, Prokhorov seeks to add a top player to his newly acquired team. He also has his eyes on some free-agent star players who will be up for grabs this summer.

This NBA-approved acquisition is a turning point for the NBA. Until now, there has been only one other foreign team owner in the association. Prokhorov suggests that his involvement with the NBA will help spread the game’s popularity at the international level.

He hopes this business acquisition is just the beginning of many future entrepreneurial successes in the United States. Being that he currently holds the title of the second wealthiest man in Russia, he has quite an impressive reputation to live up to here in the U.S. But if using his business savvy to profit from “distressed assets” is still in fact Prokhorov’s professed strategy, there are certainly enough troubled businesses here that are ready for his taking and magic touch.

Resource

Prokhorov’s $200 Million Purchase of Nets Gets NBA Approval

Office Location

Dunn Lambert, LLC
1740 Broadway, 15th Floor
New York, NY 10019

Paramus Law Office Map

Dunn Lambert, LLC


New York Law Office Map


Phone: 551-228-2690
Fax: 201-957-0874

Phone:
Fax:
Best Lawyers | Best Law Firms | U.S.News & world report | 2021

GET ANSWERS from a firm
with a sense of business.

Archives

Review US
FindLaw Network