Billionaire Mikhail Prokhorov, already a basketball team owner in his native Russia, may buy into the New Jersey Nets and Barclays Center.
Billionaire Mikhail Prokhorov, already a basketball team owner in his native Russia, may buy into the New Jersey Nets and Barclays Center.
That's the word from Prokhorov's investment corporation, which confirmed that Prokhorov is looking at buying into the Nets in exchange for financing. In addition, he's looking at investing in construction of Barclays Center, which could cost upwards of $800 million.
It's no secret developer Bruce Ratner is working hard to close financing for Barclays Center and the Atlantic Yards project; he needs to begin construction before the end of the year under the terms of an existing bonds deal, but that deal does not cover all the costs of construction. The money from Prokhorov, presumably, would fill that gap.
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