Mikhail Prokhorov Gains Full Control of Brooklyn Nets, Barclays Center

Mikhail Prokhorov (Getty Images)

Brooklyn Nets owner Mikhail Prokhorov has officially acquired 100 percent control of both the team and the Barclays Center, according to a news release that was issued Tuesday.

The release also stated that the value of the Nets is $875 million.  The arena, which is also home to the NHL’s New York Islanders, is valued at $825 million.  That brings the total value to $1.7 billion.

Before the sale, Prokhorov had controlled 80 percent of the team and 45 percent of the arena, which he purchased back in May of 2010.  His minority partner, Bruce Ratner, had owned the other 20 percent of the team and 55 percent of the Barclays Center.

While Tuesday’s news allows Prokhorov to take full control of the team, it also marks the end of Ratner’s involvement with the Nets.  He spent 11 years with the organization, first as principal owner, than as minority owner.  He will have no role with the organization or arena moving forward.