Mikhail Prokhorov, reputed to be Russia’s richest man, is set to take control of the New Jersey Nets basketball team as well as gain involvement in a land development in Brooklyn related to the new home of the NBA team.
According to a report by Reuters, a letter of intent has been signed to develop Atlantic Yards, a 22-acre plot in Brooklyn as well as the Barclays Center, which is to be the new home of the nets. Associated Press reports that in return for financing the development of the new arena, Prokhorov's Onexim Group will get control of the basketball team.
Onexim will invest $200 million and make other contingent funding commitments to buy 45 percent of the arena project and 80 percent of the National Basketball Association team, said Reuters.
Current owner of the Nets, Bruce Ratner, faces a December deadline for his plan to build an arena in Brooklyn and move his team there in 2011. The construction needs to break ground by then or lose access to the tax-free bonds financing much of the project.