The Real Deal New York

Lawmakers wary of Prokhorov’s Nets, Barclays Center deal

Oligarch is a part-owner of both, with plans to buy them outright

December 22, 2015 10:08AM

Mikhail Prokhorov

Mikhail Prokhorov and a Brooklyn Nets game at Barclays Center

City and state officials are worried that Russian billionaire Mikhail Prokhorov won’t honor Forest City Enterprises’ commitments when he buys the remaining stakes in the Brooklyn Nets and the Barclays Center in Atlantic Terminal.

Council members Laurie Cumbo, Assembly member Walter Mosley and State Senator Valmanette Montgomery were among the signers of a letter, which is aimed at pressuring the Empire State Development Corporation to oversee implementation of the deal, DNAinfo reported.

“We ask that any such sale be subject to a fair, open, and timely public review,” the letter stated. “We also request that if the sale is approved the new owners be legally committed to being responsive to the community with regards to the impact of arena related events,” including illegal parking, hygiene, lighting and noise.

Prokhorov’s Onexim Group, which currently owns 80 percent of the Nets and 45 percent of the Barclays Center, plans to buy the rest from partner Forest City.

Forest City is planning to convert to a real estate investment trust on Jan. 1. [DNAinfo] – Ariel Stulberg