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Onexim Group of Mikhail Prokhorov Acquires NBA Team Nets

Files under: News
Posted by: Quintura @ 13:19 [24. 09. 09]

The Russian billionaire Mikhail Prokhorov‘s Onexim Group agreed to invest $200 million and make certain contingent funding commitments to acquire 80 percent of the NBA team, Nets and 45 percent of Barclays Center arena in Brooklyn, New York, the future home arena of Nets as well as the right to purchase up to 20 percent of Atlantic Yards Development Company, which will develop the non-arena real estate.

Onexim Group reached the agreement with Forest City Ratner Companies (FCRC), a New York-based subsidiary of NYSE-listed real estate company Forest City Enterprises, and Nets Sports and Entertainment (NSE).

Mikhail Prokhorov, who used to support the Russian and European club basketball champions CSKA Moscow, said this investment will help develop basketball in Russia and provide access to modern sports management and talent development.

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