Nets’ value jumps, thanks to Brooklyn move

August 23, 2012 12:00PM

Due to the Nets’ impending move into the rising Barclays Center, Mikhail Prokhorov, the team’s owner, has seen the value of his investment jump. The New York Post reported that the value has more than doubled in the past two years.

In 2010, Prokhorov purchased an 80 percent stake in the team and nearly half of Barclays Center in a $223 million deal — with $140 million allocated for the team alone. Now, an unnamed source to the Post said the team is worth $575 million.

The basketball team is also projected to rake in $140 million in revenue and post a $10 to $15 million profit, which would be its first profit in 10 years, the Post said.

Previous reports have stated that despite the big plans for the Barclays Center project, Prokhorov has no plans to move to Brooklyn. [Post]