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Nets Sign Letter of Intent With Russian Billionaire

by Chris Mottram

This according to CNBC’s Darren Rovell:

The Nets have signed a letter of intent with the group owned by Russian billionaire Mikhail Prokhorov to fund Brooklyn. That was quick.

Rovell adds that Prokhorov will front $200 million, which will cover 45% of the project. He will also own 80% of the franchise.

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