EAST RUTHERFORD, N.J. (AP) -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.
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