Mikhail Prokhorov Completes Acquisition of Nets, Barclays Centerby
Russian billionaire had 80% of team and 45% of Brooklyn arena
Deal values team at about $875 million; arena at $825 million
Mikhail Prokhorov is now the sole owner of the Brooklyn Nets and Barclays Center.
The Russian billionaire completed his total acquisition of the NBA team and arena from developer Bruce Ratner’s Forest City Enterprises Inc. The deal values the team at $875 million and the arena at $825 million including debt, according to a statement from Forest City. That’s about 10 percent lower than the $1.9 billion previously reported by Bloomberg.
Five years ago, Prokhorov, through his Onexim Sports & Entertainment, paid $223 million for his 80 percent of the team and 45 percent of the arena. He has a net worth of $10 billion, according to the Bloomberg Billionaires Index.
Having control of the arena -- and full ownership of the team -- makes it easier to sell all or part of either asset. Prokhorov had retained Evercore Partners to sell his stake in the team, Bloomberg News reported in January. No sale was completed.
The Nets are 8-20 this season, fourth in the Atlantic Division.