Report: Nets To Walk Away From Carmelo Anthony Deal, Owner Mikhail Prokhorov Says

Read More: Carmelo Anthony (F - NYK), Chauncey Billups (G - LAC), Derrick Favors (C - UTA), New Jersey Nets, Detroit Pistons, New York Knicks, Chicago Bulls, Denver Nuggets

The latest turn in the Carmelo Anthony trade saga has emerged, and this time it comes from New Jersey Nets owner Mikhail Prokhorov. The Russian businessman said during a press conference today that he has instructed the front office to withdraw from any deal. This was a final decision because the process dragged on and has taken up too many of the team's resources.

The proposed deal that fell through would have included the Detroit Pistons to balance out salaries, expiring contracts and draft picks. The Nets would receive Anthony, Chauncey Billups, Anthony Carter, Shelden Williams and the Pistons' Richard Hamilton. In return the Nuggets would receive rookie Derrick Favors, Devin Harris, Anthony Morrow, several other players and two first-round draft picks (from the Nets). The Pistons would receive Johan Petro and Troy Murphy from the Nets, as well as a draft pick.

Where does this leave the Nuggets now? The New York Knicks could still be a possibility, and the Chicago Bulls may be back in the thick of things. Or the Nuggets could wind up with nothing, not trade Melo before the deadline and then watch him leave for nothing during free agency this summer.

Right now, it appears the Nuggets' front office has overreached in this whole Melodrama.