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Ratner, Prokhorov: A Winning Combination

BROOKLYN, NY-Now that the NBA has officially approved Russian billionaire Mikhail Prokhorov to take over the New Jersey Nets, developer Bruce Ratner can devote his full attention to completing Atlantic Yards.

By Alyson Grala | Updated on May 13, 2010

BROOKLYN, NY-The NBA Board of Governors voted Tuesday to approve Mikhail Prokhorov as owner of the New Jersey Nets. Prokhorov now becomes the league’s first non-North American owner, as well as its second richest after the Portland Trail Blazers’ Paul Allen.

The final tally: Prokhorov pays $200 million, plus $180 million in team debt, in exchange for 80% of the team and 45% of Barclays Center arena, which is under construction at the corner of Atlantic and Flatbush avenues. He also agrees to buy $100 million worth of arena bonds. As for how much Prokhorov will reap from the deal, that’s hard to say without knowing how revenues will be shared between the Nets and the arena.

And the vote also allows Atlantic Yards developer Bruce Ratner to devote his full attention to what made him wealthy in his own right: building. Indeed, Ratner recently told the Wall Street Journal that he lost around $30 million each season that he ran the team.

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