In a surprising heel-turn, Brooklyn Nets majority owner Mikhail Prokhorov has, according to the New York Post, reportedly agreed on a deal to buy 100 percent of both the Nets and of the Barclays Center from Bruce Ratner.
Back in January, there were reports that Prokhorov–who bought a majority stake in the Nets and minority share of the Barclays Center in 2010–was looking to sell his portions of the team and arena to the highest bidder. Now, he is going to be the sole owner of both.
The exact financial terms of the deal aren’t finalized, but it’s expected to be a relative bargain for Prokhorov, who made his fortune in the Russian mining industry. However, as NetsDaily notes, buying the entirety of both properties could be a ploy by Prokhorov to entice other buyers to re-consider bidding for pieces of the Nets and of Barclays, since he now holds controlling interest of both.
One of the main holdups of Prokhorov’s vain efforts to unload his interests in the team, bundled with the arena, was that any prospective buyers would have no control of either with less-than-half shares, as Ratner held the rest. But, it’s unknown what Prokhorov’s actual intentions are, as this move could actually show his dedication to the organization for the long-term.
For a team that has gone through as much change and instability over the past few seasons as any in professional sports–as Deron Williams referred to tongue-in-cheek in an interview with Mavs.com–having a longtime owner could go a long way for the players and front office. It would also be good for potential free agents, who would know the leader of the Nets organization is committed to improving the team, ultimately toward the goal of a NBA championship.
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