Forest City finalizes deal to sell Barclays Center, Nets stake to Prokhorov

Deal values the team at $875M, arena at $825M plus debt
December 23, 2015 01:50PM

UPDATED, 10:17 p.m., Dec. 23: Billionaire Russian oligarch Mikhail Prokhorov finalized a deal to purchase Forest City Ratner’s stake in the Barclays Center arena and the Brooklyn Nets.

The sale, which is expected to close next year, values the team at $875 million and the arena at $825 million, Bloomberg reported.

Prior to the deal, Prokhorov owned 80 percent of the Nets and 45 percent of the Center. His firm, Onexim Sports & Entertainment, paid $223 million for those stakes in 2010.

Earlier this week, city and state lawmakers signed a letter aimed at pressuring the Empire State Development Corporation to guide the implementation of a possible deal. The letter expressed fear that Prokhorov would fail to honor Forest City’s commitments to police illegal parking, hygiene, lighting and noise issues at the arena.

Prokhorov had hired Evercore Partners to help sell his stake in the team. Consolidating his ownership would potentially ease that process.

The Nets are 8-20 so far this year. [Bloomberg] – Ariel Stulberg