Forbes's Mike Ozanian reported yesterday, in NBA Committee Approves Prokhorov's Plan To Split Brooklyn Nets From Barclays Center:
When Forest City Realty Trust sold its 20% interest in the Nets and 55% in the Barclays Center operating company to Mikhail Prokhorov's Onexim Sports & Entertainment, the announcement said the team was valued at $875 million and the arena at $825 million, for a total of $1.7 billion, as shown in the screenshot below.
The NBA's advisory finance committee has approved Mikhail Prokhorov's lease terms for splitting the Brooklyn Nets from the Barclays Center.Most teams plan in arenas they control. In fact, the NBA--which must still approve this deal--had nudged former arena majority owner (and team minority owner) Bruce Ratner to sell his shares (also owned by larger company Forest City Realty Trust, formerly Forest City Enterprises) to Prokhorov rather than on the open market.
Prokhorov owns both the NBA team and the operating rights to the arena. But his latest plan is to sell the team and keep control of the Barclays Center. This would be a "carve out" similar to what Comcast-Spectacor did when it sold the Philadelphia 76ers to Josh Harris.
Assuming Prokhorov finds a buyer, it'll be interesting to see how much he gets--presumably more than most recent value.
When Forest City Realty Trust sold its 20% interest in the Nets and 55% in the Barclays Center operating company to Mikhail Prokhorov's Onexim Sports & Entertainment, the announcement said the team was valued at $875 million and the arena at $825 million, for a total of $1.7 billion, as shown in the screenshot below.
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