PROSPECT HEIGHTS — Russian billionaire Mikhail Prokhorov's company has signed an agreement to take full control of the Brooklyn Nets and the Barclays Center, the team announced late Tuesday.
Onexim Sports and Entertainment, Prokhorov’s company that previously controlled 80 percent of the team and 45 percent of the stadium, signed the deal with former owner Forest City Enterprises on Tuesday.
Onexim will now have a “100 percent equity interest” in the Nets and the arena, according to a press release.
The team and arena are worth $875 million and $825 million respectively, according to Forest City.
The announcement from the Barclays Center said the two groups “expect to complete the transaction either late this year or early in 2016.”
The agreement comes days after multiple local representatives and residents near the Barclays Center wrote letters to the Empire State Development Corporation urging the agency to publicly review the deal between Prokhorov's company and Forest City.
The groups raised concerns that a change of ownership would jeopardize past commitments made by Forest City to the community.
A statement from the arena Tuesday touched on those concerns.
“Under the agreement, Barclays Center will continue to work with the surrounding communities on quality of life issues," it read.
"It will also continue to implement the portions of the Community Benefits Agreement and other community programs applicable to Barclays Center that were established as part of the development.”
The National Basketball Association approved the deal earlier this month, the release said.
Though Forest City is relinquishing control over the sports center and its team, the company is still developing the 22-acre Atlantic Yards/Pacific Park project east of the arena with the Chinese-owned company Greenland USA, which took a 70 percent stake in that development in 2014.
