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Sale of Nets moves a step closer

Updated: December 16, 2009, 7:07 PM ET
Associated Press

EAST RUTHERFORD, N.J. -- A Russian billionaire has moved a step closer to becoming the NBA's first non-North American owner.

Mikhail Prokhorov's Onexim Sports and Entertainment Holdings and the company that owns the New Jersey Nets announced on Wednesday that they had completed their agreement to create a partnership that would own the NBA team and develop the Atlantic Yards project in New York City.

The agreement provides for the sale of 80 percent of the Nets and 45 percent of a ...

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