10
BROOKLYN WEEKLY, AUGUST 25, 2019
NETS
fi rst purchased 80 percent
of the then-New Jersey
Nets, and 45 percent of the
development project that
would later become Barclays
Center for $223 million
in 2010. After the team
moved across the Hudson
River and took roots
in Brooklyn, Prokhorov
purchased the remainder
of both the team and the
arena in 2015 for almost
$400 million — bringing
Prokhorov’s total purchase
to nearly $623 million,
according to a Yahoo
report at the time.
Barclays’ billion-dollar
price tag follows the arena’s
controversial development,
which was plagued
with numerous delays and
several lawsuits.
In 2005, the state agreed
to sell Atlantic Yards —
the land on which the
arena would later be built
— to developer Bruce Ratner
for $100 million, despite
internally valuing
the land at $214 million.
To complete the sale of
the land, the state threatened
locals with eminent
domain — allowing development
gurus to commandeer
Brooklynites’ private
property to make way for
the massive development
— leading to fi erce protests
on either side.
The arena was eventually
completed in 2011,
paving the way for Prokhorov
and his development
partners’ enormous
pay day.
Sadly for fans, Prokhorov’s
fi nancial success
was not mirrored by the
franchise’s success on the
court.
Shortly after taking
the reins of the
Nets, Prokhorov pushed
through one of the worst
trades in NBA history, acquiring
three aging players
from the Boston Celtics
by giving away four
first-round draft picks —
which Boston would later
use to build one of the
most dominant teams in
the league.
Since moving to Brooklyn
in 2012, the team has
combined for a 242-332
record, winning just one
playoff series in 2014.
During their tenure in
the borough, the team has
featured one of the league’s
worst fan attendance —
placing in the bottom-fi ve
for home-game attendance
every year.
Fans hope the new ownership
— along with the
recent free-agent signings
of all-stars Kevin Durant
and Kyrie Irving — will
help turn the franchise
into a title contender.
The sale of the team,
and the arena, requires
approval of the NBA
Board of Governors to be
fi nalized — which the Nets
expect will happen by the
end of September.
Business mogul Joseph Tsai has agreed to purchase a controlling stake of the Brooklyn Nets and the Barclays Center in a deal that values
the team at $1.35 billion and the arena at nearly $1 billion. Photo by Paul Martinka
Continued from page 1
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