NEW YORK – The NBA Board of Governors has approved Mikhail Prokhorov’s acquisition of a controlling interest in the New Jersey Nets.

“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,” said NBA Commissioner David Stern.  “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.”