NEW YORK, Aug. 12 (UPI) -- A comglomerate headed by developer Bruce Ratner is expected to complete its purchase of the New Jersey Nets next week.
The NBA's Board of Governors gave unanimous approval to the deal Wednesday. The purchase price is $300 million.
"What was only an idea less than a year ago is quickly becoming a reality," Ratner said. "We are humbled by this vote and excited about the prospects of putting together a team that all Nets fans in the metropolitan area can be proud of."
On the team's Web site, the Nets said the parties involved in the sale expect the transaction to close next week. The Nets hope to relocate to New York City by 2009.
The board also unanimously approved the sale of a minority interest in the Golden State Warriors to a Silicon Valley investor group led by Michael Marks.