PR Release: The Nets Make This Official

From the New Jersey Nets ownership group (when do we affix “Brooklyn” to the Nets?):

Forest City Ratner Companies (“FCRC”), Nets Sports and Entertainment (“NSE”) and Onexim Group announced today that they have signed a letter of intent to create a strategic partnership for the development of the Atlantic Yards Project, a 22-acre residential and commercial real estate project in Brooklyn and the Barclays Center, the future home for the NBA’s Nets.

This partnership will ensure the successful completion of a world-class entertainment venue in Brooklyn, the relocation of the NBA Nets basketball team and the economic and housing benefits of the Atlantic Yards Project.

In accordance with the agreement, entities to be formed by Onexim Group will invest $200 million and make certain contingent funding commitments to acquire 45% of the arena project and 80% of the NBA team, and the right to purchase up to 20% of the Atlantic Yards Development Company, which will develop the non-arena real estate.

Bruce Ratner, the Chairman and CEO of FCRC, said, “Mikhail and Onexim will be great partners for this project. I am thrilled that smart global investors appreciate the exciting economic potential of Brooklyn. We are one step closer to achieving our goals of creating much needed jobs and economic development for Brooklyn and the city.”

Mikhail Prokhorov, President of Onexim Group, said “We are delighted to join in this exciting project and to participate in the landmark development of global sports in this entertainment arena in the heart of New York City. I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia. I look forward to becoming a member of the NBA and working with Bruce and his talented team to bring the Nets to Brooklyn.”

NBA Commissioner David Stern said, “We are looking forward to the Nets’ move to a state-of-the-art facility in Brooklyn, with its rich sports heritage. Interest in basketball and the NBA is growing rapidly on a global basis and we are especially encouraged by Mr. Prokhorov’s commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia.

That last part. That would seem to be a blessing from the NBA’s Godfather, David Stern, who’s the only person I could think of that might have halted this deal. The Nets-to-Brooklyn move has seen its fair share of obstacles over the past few years, but with $200 million emerging to infuse the deal in a dead economy, this might just be the final push that the franchise needs to commence a move to the BK.

Lebron, take note: there’s a team with eons of cap space and lots of young talent that’s about to take root in New York City. Oh, and your idol owns a piece of the team.

(H/T to Curbed for the Press Release)