Down
enlarge
Onexim reaches agreement to take full control of Nets, Barclays Center
0:44 | NBA
Onexim reaches agreement to take full control of Nets, Barclays Center
Tuesday December 22nd, 2015

Mikhail Prokhorov’s company Onexim will become the 100% equity owner of the Brooklyn Nets and the Barclays Center, it was announced on Tuesday.

The deal values the team at $875 million and the arena at $825 million, including debts.

Prokhorov was previously the majority owner of the team with an 80% stake. He also owned a 40% stake in the arena. Now Onexim, which Prokhorov founded, will take the remaining 20% and 60%.

The NBA's Board of Governors unanimously approved the transaction earlier this month.

Prokhorov has been the majority owner of the Nets since May 2010.

- Kenny Ducey

 

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.