New Jersey Congressman Would Like a Word With ‘Daniel Stern’

Yes, U.S. Rep. Bill Pascrell has sent a letter to David Stern asking for an NBA investigation into the Nets’ sale to Russian billionaire Mikhael Prohorov. In Russia, league investigates you! (Sorry.)

“Mr. Ratner faces a December deadline to break ground on his development, or else lose much of his tax-free financing. Due to the large level of taxpayer subsidies involved in the project, and Mr. Prokhorov’s background, this potential sale raises concerns.

According to documents released by the Empire State Development Corporation, taxpayers are providing over $2 billion dollars in financing and direct grants towards the Atlantic Yards project. This represents a significant investment and risk by the taxpaying public. Should this sale go through, a large stake in the project, as well as a majority stake in the Nets, would be controlled by a foreign corporation, a first for the NBA. As a result, these taxpayer dollars will be directly subsidizing the profits and business risks of this foreign corporation, whose investment will be reportedly smaller then the public’s, instead of benefiting the taxpaying public. Especially during these tough economic times, this is, at best, a questionable use of taxpayer money and it is a question that should be explored.

Furthermore, Mr. Prokhorov’s background raises questions about his fitness to be the owner of a high-profile NBA franchise. Both Mr. Prokhorov’s business and personal history have come under intense scrutiny in his home country and abroad. I expect that the NBA will conduct a full and thorough review of Mr. Prokhorov’s background and businesses before allowing him to purchase a majority stake in the Nets."