NBA approves Prokhorov takeover of Nets/Barclays Center (operating company); arena transfer not on ESD agenda, total value said to be $1.9B
The National Basketball Association has approved ownership transfer of the Brooklyn Nets and Barclays Center to Russian billionaire Mikhail Prokhorov, a person with direct knowledge of the situation said.If the arena is worth $1 billion, as so often bandied about, that puts the value of the team under $1 billion, which is par for most teams in the NBA, absent the $2 billion Los Angeles Clippers. That's a significant profit for Prokhorov, if not the vast numbers that have sometimes been suggested.
The agreement values the team and arena at $1.9 billion. The person, who requested anonymity because the deal hasn’t been announced, declined to break down the valuation between the Nets and their venue.
Prokhorov, through his Onexim Sports & Entertainment, currently owns 80 percent of the team and 45 percent of the arena, which opened in 2012 and also houses hockey’s New York Islanders. Forest City Enterprises owns the remaining 20 percent and 55 percent, respectively.
Note that only one, unnamed source provided the number.