Report: Mikhail Prokhorov reaches deal to become sole Nets owner
Brooklyn Nets owner Mikhail Prokhorov has reached an agreement with real estate developer Bruce Ratner that would make the Russian billionaire the sole owner of the Nets and the Barclays Center, according to Scott Soshnick and Eben Novy-Williams of Bloomberg.
The NBA is reviewing the deal before it gets finalized. Bloomberg estimates the nets being worth $2 billion. The Atlanta Hawks were sold to a group led by businessman Antony Ressler, which includes former NBA player Grant Hill, for about $850 million.
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.
Having full ownership would reportedly make it easier for Prokhorov to sell the team, if he explored that option.
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.
- Christopher Chavez