Breaking News: NBA Board of Governors Approves Sale of NJ Nets To Mikhail Prokhorov

It was expected, but the news is finally official as Dave D’Alessandro reports:

The NBA Board of Governors has approved Mikhail Prokhorov’s acquisition of a controlling interest in the Nets, the league announced in a statement released late Tuesday afternoon.

“We are pleased that the NBA’s Board of Governors approved Mikhail Prokhorov’s purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league’s first majority investor from outside of North America,” NBA Commissioner David Stern said. “We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”

The deal is expected to be officially completed Wednesday, with the final closing

Also in Dave D.’s report, he reiterates that Rod Thorn should be given a contract extension soon (which is important, because once that happens the Nets should get going on their offseason plans):

Prokhorov is expected to give team president Rod Thorn a contract extension sometime next week, and that will be followed by the NBA Draft Lottery in Secaucus — where Prokhorov himself will probably represent the team Tuesday night — and a free agent market in which the Nets hope to have at least $26 million to spend on new players.

Good to have this finally set in stone.  With all of the problems the Nets have had with their move to Brooklyn and everything related I was kind of just waiting for the other shoe to drop.  That won’t happen now.  Hopefully we get to hear from Prokhorov soon, but if not, expect to see him next week at the Draft Lottery.  Given the good luck that has surrounded Mikhail Prokhorov during his professional life, this should be a good thing.