Onexim has bought the 20% of the Brooklyn Nets and 55% of Barclays Center operating rights it did not already own from Nets Sports & Entertainment for $1.7 billion. Onexim is controlled by Russian billionaire Mikhail Prokhorov and Nets Sports & Entertainment is a subsidiary of publicly traded Forest City Enterprises, run by Bruce Ratner, Forbes reported.
Onexim has bought the 20% of the Brooklyn Nets and 55% of Barclays Center operating rights it did not already own from Nets Sports & Entertainment for $1.7 billion. Onexim is controlled by Russian billionaire Mikhail Prokhorov and Nets Sports & Entertainment is a subsidiary of publicly traded Forest City Enterprises, run by Bruce Ratner, Forbes reported.
The $1.7 valuation is the second-highest ever given an NBA deal, behind only the $2 billion Steve Ballmer paid for the Los Angeles Clippers last year.
ESPN reminds that Prokhorov had controlled 80 percent of the team and 45 percent of the arena before completing the deal. His minority partner, Bruce Ratner, had control of the other 20 percent of the team and 55 percent of the arena. Now Prokhorov has officially acquired 100 percent control of both the team and the Barclays Center, according to a news release issued Tuesday. The team is valued at $875 million and the arena is valued at $825 million.
As Bloomberg notices having control of the arena - and full ownership of the team - makes it easier to sell all or part of either asset. Prokhorov had retained Evercore Partners to sell his stake in the team, Bloomberg News reported in January. No sale was completed.
