Mikhail Prokhorov’s group buys 100% of Nets, Barclays Center

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This has been rumored to be coming for a while, but it’s now official:

Mikhail Prokhorov’s Onexim has bought out former Nets’ and Barclay’s Center owner Bruce Ratner’s ForestCity Group — Prokhorov now owns 100 percent of the Nets and the arena they play in, the combination valued at $1.7 billion. CNBC had the news early, and it was later confirmed in an official press release by the firms.

What does this mean? Mostly that Prokhorov is going to make a killing on the real estate deals surrounding the arena. He enjoys the vanity of owning an NBA team, but this was always also a real estate deal for him. It is possible down the line he could sell part of the team to minority owners. If the mood strikes him.

As for the Nets, nothing changes. Prokhorov and his firm have been pulling the strings for years, that’s not changing. Nor is the fact they are one of the worst teams in the NBA and don’t control their own first round draft pick until 2019.