Forbes’ Mike Ozanian reports that the NBA Finance Committee has approved a request from Mikhail Prokhorov to split the Nets from Barclays Center, a move needed before the league would approve the sale of a minority interest in the team.
After buying out Bruce Ratner a year and a half ago, Prokhorov controls both the team and arena. Last November, he retained Allen & Co, a leading investment banking firm, to sell up to 49 percent of the Nets. He would prefer retaining 100 percent of Barclays. The league balked at the idea of selling one but not the other and team officials have trying to resolve the issue for more than a year.