Russia tycoon set to buy NBA team

Mr Prokhorov has made his fortune in the metals business

Russia's richest man has reached a deal to buy the New Jersey Nets - one of America's elite basketball franchises.

Mikhail Prokhorov would become the first foreign NBA team owner if the deal - thought to be worth more than $200m (£124m) - goes through.

The 44-year-old billionaire wants to acquire 80% of the club and 45% of the club's new arena in Brooklyn, promising big investments.

The proposed deal has been welcomed by leading basketball officials in the US.

'Long-standing passion'

Mr Prokhorov, an avid basketball fan, reached a tentative agreement on Wednesday.

Basketball stars from around the world play in the NBA

He said he wanted the deal partly as a way to get access to the NBA's (National Basketball Association's) training methods and also to educate Russian coaches.

"I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia," Mr Prokhorov said in a statement.

"I look forward to becoming a member of the NBA and working with Bruce [Ratner - current Nets owner] and his talented team to bring the Nets to Brooklyn."

The deal still needs to be approved by the NBA but its commissioner, David Stern, praised the move, saying it would help the NBA to expand its global reach.

The NBA season is a mainstay of the American sporting calendar, embracing the best players from around the world.

Mr Prokhorov made his fortune in the metals business.

He has weathered the global economic crisis better than any of his wealthy compatriots, according to the Russian edition of Forbes magazine.