An announcement could come "in the next two weeks" that Nets Owner Mikhail Prokhorov is "actually buying 100% of the franchise, buying the Barclays Center, going all in,” according to Ric Bucher of BLEACHER REPORT. There previously had been talk about Prokhorov selling the team, and sources said that there is "still the possibility that he gets completely out if he has that opportunity." However, Bucher said the "indications are much more strong that he would go the other way and buy all the way in.” Nets G Joe Johnson had been rumored to be on the trade block, but the Nets are "taking him off the market and retaining him." Bucher: "That would suggest that Prokhorov is all in because he wants a competitive team, but he wants one that is more financially responsible than the one that they had” (BLEACHERREPORT.com, 7/14). In N.Y., Mitch Abramson notes Prokhorov owns 80% of the team while Forest City Ratner Chair & CEO Bruce Ratner "holds the remaining stakes," but where the arena is concerned, Ratner "owns 55% while Prokhorov owns 45%." A report on Netsdaily.com suggested Ratner’s "motivation for selling Prokhorov his remaining shares in the Nets and Barclays is a debt-for-equity swap to settle debts he has with Prokhorov." Ratner has been "trying to sell his shares in both the team and the arena but has yet to find an outside buyer" (N.Y. DAILY NEWS, 7/16). In N.Y., Kosman & Bontemps note Forest City "wants to complete a sale of its stakes by Jan. 1 for legal reasons," as it is "converting into a real estate investment trust and would complicate the process." For Prokhorov, increasing his stake in the arena to 100% "would allow him to do it at bargain price." Forest City lists Barclays Center on its books at $930M, but sources said that it "now could be worth just half that amount" (N.Y. POST, 7/16). In New Jersey, Andy Vasquez notes it "would be easier" for Prokorhov to sell if he took 100% ownership of the team (Bergen RECORD, 7/16).
