Oligarchs, Billionaires, Money, Money, Money

Mikhail Prokhorov near deal to buy all of Nets, Barclays Center

 

cbssports.com – James Herbert

Mikhail Prokhorov is close to an agreement that would make him the sole owner of the Brooklyn Nets and Barclays Center, according to the New York Post’s Tim Bontemps and Josh Kosman. Bruce Ratner’s Forest City Enterprises still owns 20 percent of the team and 55 percent of the arena.

Under the deal being discussed, he would kick in little cash beyond forgiving the roughly $31 million Forest City owes him to cover team losses, according to two sources familiar with the situation.

Onexim Group, Prokhorov’s investment vehicle, earlier extended until Sept. 8 a deadline for when Forest City needs to pony up about $6 million to cover its share of the Nets’ losses for the 2015-16 season. That’s on top of the $25 million it owes for past seasons.

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