The National Basketball Association approved Tuesday the sale of the New Jersey Nets to Russian billionaire Mikhail Prokhorov.
He becomes the league's first owner from outside North America.
Prokhorov now owns 80 percent of the team and 45 percent of Barclay's Arena, which is part of Brooklyn's Atlantic Yards development.
Prokhorov has made it clear he intends on moving the team to Brooklyn.
The sale had been held up over legal delays on Atlantic Yards.
In a statement, Prokhorov said he plans on giving Nets fans plenty to cheer about in the future.
The Nets had the worst record in the NBA this season.