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Mikhail Prokhorov to Become the Sole Nets Owner

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The Nets are off to a 5–13 start this season, which is the second worst in the Eastern Conference behind the 1–18 Philadelphia 76ers.
Mikhail Prokhorov is set to become sole owner of the Nets and Barclays Center.

According to Bloomberg News, the Russian billionaire and real estate developer Bruce Ratner’s Forest City Enterprises Inc. have reached an agreement that will give Prokhorov sole ownership of the Nets and the Barclays Center arena.

The NBA is reviewing the deal before it gets finalized. Earlier this year, Peter Schwartz, a valuations expert, estimated that the Nets and Barclays Center are worth about $2 billion.

Prokhorov became the first NBA owner from outside of North America when he purchased the Nets in May 2010. In the deal, he became the majority owner with 80% stake and also acquired 45% interest in the Barclays Center, which opened in 2012, reports Sports Illustrated.

The arena has also become home to the Islanders this season. Forest City has the ownership of the remaining stakes.

“League sources are skeptical about Prokhorov’s desire to keep all these assets, however, given his attempts — and failures — over the last two years to sell off shares,” reports NY Daily News. As such, having full ownership would reportedly make it easier for Prokhorov to sell the team, if he explored that option.

According to Sports Illustrated, the Nets are off to a 5–13 start this season, which is the second worst in the Eastern Conference behind the 1–18 Philadelphia 76ers. Prokhorov is expected to attend two games in Brooklyn next week.

Gene O’Grady

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