Russian In

Every millionaire who becomes a pro sports owner daydreams about championships. But Bruce Ratner envisioned much more when he acquired the Nets for $300 million in 2004. The real estate developer planned to move the team, an afterthought for most of its post-ABA history, from its backwater New Jersey home to a gleaming new arena in Brooklyn, where it would be part of a $4.9 billion commercial, residential and entertainment complex. The Nets would revitalize a neighborhood, revel in New York City cachet—maybe, if all went well, even become cool enough to woo a certain Cavaliers star who will be a free agent in 2010.

Ratner's grand plan hit many snags, not the least of which are the $400 million his ownership group has lost and the endless legal red tape, both of which have threatened to derail the Brooklyn project. But the plan got a jolt—and a cash infusion—last week when Ratner sold a majority share of the Nets to Russian billionaire Mikhail Prokhorov for $200 million. Prokhorov will help finance the arena and gain minority ownership of it; Ratner, now a minority team owner, will be the building's main stakeholder.

Prokhorov, 44, isn't as unlikely an NBA partner as it might seem. There's his wealth, for starters: Before the recession he cashed out of the lucrative nickel-mining firm he founded and is worth $9.5 billion. But unlike Ratner, he likely sees the Nets as more than an anchor tenant in a glorified mall. Prokhorov played hoops in high school—he's 6'6"—and is part-owner of Russian pro team CSKA Moscow, a Euroleague powerhouse. Russia's richest man is also a renowned playboy, so he'll have something in common with many of the men he'll pay to play ball. The NBA must still approve the sale, but commissioner David Stern seemed to give it his blessing last week. Might the Nets' Brooklyn dream finally be realized? Said Ratner last week, "No doubt about that."