CHICAGO: The New Jersey Nets took big steps towards a relocation to Brooklyn and foreign ownership when they reached a deal worth more than $200 million with Russia's richest man, Mikhail Prokhorov, on Wednesday.

A letter of intent has been signed which would give the Russian control of the NBA franchise as well as fund the development of the Barclays Center, the proposed new home for the team in the New York borough.

"I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia," Prokhorov said. "I look forward to becoming a member of the NBA."