EAST RUTHERFORD, N.J.— The richest man in Russia is another step closer to owning the New Jersey Nets. Mikhail Prokhorov’s Onexim Sports and Entertainment Holdings and the development company that owns the Nets announced on Wednesday that they had completed their agreement to create a partnership for owning the NBA team and developing the Atlantic Yards project in New York City.
The agreement provides for the sale of 80 percent of the Nets and 45 percent of a new Nets arena to Prokhorov’s Onexim, subject to approval by the NBA Board of Governors.
It also includes an option for Prokhorov to acquire up to 20 percent of Atlantic Yards, which would surround the new Barclays Center arena with apartments and office towers on 22 acres in Brooklyn.
Forest City Ratner Cos., which is led by Nets majority owner Bruce Ratner, and Nets Sports and Entertainment signed a letter of intent with Prokhorov on Sept. 23.
Wednesday’s announcement came one day after Forest City Ratner announced that $511 million in tax-free bonds for the Barclays Center had been sold. Project opponents had hoped the bond sale would fall flat and end the project.