clock menu more-arrow no yes mobile

Filed under:

Expect Prokhorov Approval by Mid-Week


With all property owners required to leave the Barclays Center footprint by the end of the day Friday, the NBA league office as well as Nets insiders say closing of the team's sale and league approval should be completed next week, probably by mid-week. Daniel Goldstein, the arena's chief critic, has packed up and will finally depart sometime Friday.

Mikhail Prokhorov's purchase of a majority ownership stake in the Nets and nearly half of the arena is dependent on the Empire State Development Corporation's "vacant possession" of the arena footprint.  That is expected by late Friday.  The ESDC will then forward a 37-year lease for the arena property to Prokhorov and Bruce Ratner for signing.  Once the deal is closed, league approval will be formalized.

As principal owner of the team, Prokhorov is expected to represent the Nets at the NBA Draft Lottery in Secaucus May 18.  As the Russian billionaire has said, "Luck is part of any business".