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Mikhail Prokhorov’s group buys 100% of Nets, Barclays Center

Brooklyn Nets Training Camp with Mikhail Prokhorov

DURHAM, NC - SEPTEMBER 30: Owner Mikhail Prokhorov of the Brooklyn Nets addresses the team during preseason training camp at Duke University on September 30, 2015 in Durham, North Carolina. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2015 NBAE (Photo by Kent Smith/NBAE via Getty Images)

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This has been rumored to be coming for a while, but it’s now official:

Mikhail Prokhorov’s Onexim has bought out former Nets’ and Barclay’s Center owner Bruce Ratner’s ForestCity Group — Prokhorov now owns 100 percent of the Nets and the arena they play in, the combination valued at $1.7 billion. CNBC had the news early, and it was later confirmed in an official press release by the firms.

What does this mean? Mostly that Prokhorov is going to make a killing on the real estate deals surrounding the arena. He enjoys the vanity of owning an NBA team, but this was always also a real estate deal for him. It is possible down the line he could sell part of the team to minority owners. If the mood strikes him.

As for the Nets, nothing changes. Prokhorov and his firm have been pulling the strings for years, that’s not changing. Nor is the fact they are one of the worst teams in the NBA and don’t control their own first round draft pick until 2019.