Russian Billionaire May Fund Nets’ Arena

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

The potential upside for Prokhorov is rather obvious: the Nets' Q rating (and market value) would skyrocket with a move from the Meadowlands to Brooklyn. And there's also the small matter of whether a certain Global Icon (whose favorite borough is Brooklyn) could be lured to the Nets in 2010.

For the first time since Jason Kidd was throwing lobs to Kenyon Martin, it might be (kind of) cool to be a Nets fan. Which, of course, means that Knicks' fans misery could just be beginning.