It''s finally official. Mikhail Prokhorov and Bruce Ratner have concluded their long negotiations and Prokhorov's ONEXIM has bought out Ratner's Forest City Enterprises and other investors, securing full ownership of the Nets and Barclays Center. The valuation of the two are a combined $1.7 billion -- $875 million for the team, $825 million for the arena, according to a press release from the two companies.
The transaction will be completed following the transfer of $285 million in cash and notes from ONEXIM to Nets Sports and Entertainment, the FCE-dominated partnership.
Bloomberg had reported last week that the NBA had approved the deal with a slightly higher valuation of $1.