Brooklyn Nyets (Atlantic Center update)

joehill

Russian billionaire Mikhail Prokhorov to become majority owner of Nets

Pending league approval, Mikhail Prokhorov is set to become the new majority owner of the Nets sometime early next year, according to a press release that was sent out earlier Wednesday.

Current owner Bruce Ratner will still own a smaller stake in the team, and most importantly, the team will be moving to Brooklyn, likely sometime before or during the 2011-12 season.

Prokhorov, the 43-year-old who's said to be worth about $9.5 billion, will take over 80% of the team and 45% of the Atlantic Yards project, of which the Barclays Center is supposed to be the centerpiece.

brooklyngigcenter

I love the topic name!

pitu

not so keen on the “massive taxpayer subsidies to enrich a Russian oligarch” part...

NYTimes wrote: Develop Don’t Destroy Brooklyn, the local group that has fought Mr. Ratner’s development plans, criticized the deal on Wednesday, with a spokesman, Daniel Goldstein, contending that the “only reason Ratner would make this deal is because he is in dire financial shape.”

Mr. Goldstein said that Mayor Michael R. Bloomberg and others who supported the project were, in effect, agreeing to the use of “massive taxpayer subsidies to enrich a Russian oligarch.” Ultimately, though, Mr. Ratner and Mr. Prokhorov will hope to have the last word — a new arena and a relocated team at the intersection of Atlantic and Flatbush Avenues.

Richest Russian’s Newest Toy: An N.B.A. Team

deedee

I think this is great news and will probably ensure that we get an NBA team in Brooklyn. Can't wait to watch a game in my own neighborhood. Let's go Nets!