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NEWARK, N.J. -- New Jersey Nets owner Mikhail Prokhorov has told the team to end discussions on the Carmelo Anthony deal.

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In a news conference before Wednesday night's game against Utah, Prokhorov said he decided on Tuesday to stop pursuit of the Nuggets' All-Star forward, unhappy with how things played out in public.

The new owner says the deal took too long and became too expensive.

"I'm not happy with the way ... this deal has gone until now," said Prokhorov. "It has taken too long. It has been played out in public and it certainly has taken a toll on the players and I believe that it has cost us several games. I think management did a great job, but there comes a time when the price is simply too expensive. I'm instructing our team to walk away from the deal.

"And the meeting that our management was supposed to have in Denver with Carmelo [on Thursday] is hereby canceled."

Prokhorov said the goal is still to win a championship within five years.

Previously, New Jersey had offered to ship six players and at least two first-round draft picks to Denver in a deal that would have sent Anthony to the Nets along with former Pistons teammates Chauncey Billups and Richard Hamilton.

Derrick Favors, the 19-year-old rookie who was rumored to be the centerpiece in the multiple-player deal, was shocked upon hearing the news in the locker room before the game.

"I don't have to worry about it no more," Favors said. "It's over with. This is my first time hearing it. I'm excited."

Said Prokhorov: "We will come back to the table every time we need the right player for the team. But really I'm not ready to overpay. Because as soon as you make a mistake in the NBA, you can wait for the next chance for the next five or six years. That's why I prefer to be really patient and I want to thank the New Jersey fans for their patience."

Information from ESPNNewYork.com contributor Mike Mazzeo and The Associated Press contributed to this report.

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