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