Mikhail Prokhorov Is Reportedly Close To Owning All Of The Nets And Barclays Center

Mikhail Prohorov
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It would appear, if the New York Post is to be believed, the Brooklyn Nets’ sugar daddy is about to sweeten his deal. The Post reports that Mikhail Prokhorov, who currently owns 80 percent of the franchise, is looking to not only buy the Nets, but the Barclays Center as well:

Prokhorov has been in talks to buy the 55 percent of the arena and 20 percent of the NBA team he does not already own. Under the deal being discussed, he would kick in little cash beyond forgiving the roughly $31 million Forest City owes him to cover team losses, according to two sources familiar with the situation.

Onexim Group, Prokhorov’s investment vehicle, earlier extended until Sept. 8 a deadline for when Forest City needs to pony up about $6 million to cover its share of the Nets’ losses for the 2015-16 season. That’s on top of the $25 million it owes for past seasons.

The fact that Prokhorov is willing to pony up to take over the entire enterprise is one thing. It’s a whole other thing entirely that he was looking to sell the team and arena for a cool $3 billion—reportedly—as of April. It should be noted, however, that other outlets refuted that the Nets were up for sale.

However you wanted to slice it, Prokhorov apparently wasn’t willing to give up his title as majority stakeholder. If he were to go ahead and buy up the rest of the team and arena, the whole majority/minority owner thing would be out the window, as he would be the sole stakeholder.

(Via New York Post)

 

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