The Brooklyn Nets have been part owned by Mikhail Prokhorov and now the Russian billionaire is looking to buy 100 percent of the team and the Barclays Center from Bruce Ratner and Forest City Enterprises. The team comes in with high expectations this season and players like Brook Lopez, Jarrett Jack, Thaddeus Young and Joe Johnson could be starters.
Prokhorov first got into the NBA back in 2010 when he reportedly paid $200 million to take over the Nets and now he is looking to buy a full stake in the team. According to Josh Kosman and Tim Bontemps at the New York Post, Prokhorov is "nearing a deal" to purchase the full stake of what is left in the team and the Barclays Center from Bruce Ratner's company. The report says that the deal would include "forgiving" the $31 million that the company owes Prokhorov.
The Post reports that Prokhorov is looking to buy the 55 percent stake in the arena and the remaining 20 percent of the team that he doesn't currently own. Sources report to the Post that the team is valued at over $700 million and that with over $200 million in debt, the team has an "equity value of $490 million." The report says that Prokhorov could pay "as little as $100 million in cash" because of the debt payments owed.
According to Mitch Abramson of the Daily News, the deal will won't be happening for "perhaps another month" and the sides have until this week to work out some "other financial issues." The Nets have had some financial issues after going hard after players the past couple years and things will start evening out as the next few years go by. Prokhorov likely still sees the Nets as a good investment even if they lose money, as the Barclays Center has been a major success and the team likely will only grow in popularity as the years go by.
The Nets have made some significant moves this offseason, keeping Joe Johnson over making a trade, signing Jarrett Jack and Andrea Bargnani while also adding Wayne Ellington, Shane Larkin and Rondae Hollis-Jefferson in deals. The team has Chris McCullough, Willie Reed and Thomas Robinson behind Thaddeus Young on the depth chart and Bargnani could play some power forward and center for the team. Lopez returns as one of the best centers in the league and he will try and stay healthy this season.
