One of Brooklyn's favorite sports venues, and the home of the Brooklyn Nets, will soon be owned by a Russian billionaire, DNAinfo reports. Mikhail Prokhorov, the owner of the private investment fund, the Onexim Group has taken full control of the Barclays Center, and the Brooklyn Nets. The sports and entertainment division of Onexim already had an 80 percent stake in the team and a 45 percent stake in the stadium, but the previous owner of both, Forest City Enterprises, has now handed over its share to the billionaire's company.
The stadium is valued at $825 million and the team is valued at $875 million, a Forest City rep told Dnainfo. And though the official takeover won't happen until next week or early next year, the deal has already been approved by the National Basketball Association.
The takeover has however left some local officials concerned that Prokhorov's company may not live up to the development promises created by Forest City when they undertook the Barclays center project.
Russian Billionaire Takes 100 Percent Stake in Nets, Barclays Center [DNAinfo]
· Barclays Center Sale Plan Needs More Oversight, Locals Tell State [DNAinfo]
· Barclays Center Archives [Curbed]