Onexim Sports to take full control of Barclays, Nets

December 28, 2015 Meaghan McGoldrick
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Onexim Sports and Entertainment – a company that, in 2010, acquired 80 percent ownership of the Brooklyn Nets and 45 percent of the Barclays Center – on Tuesday, December 22 signed an agreement with Forest City Enterprises for full ownership of both the team and its home-base.

“We will continue to support arena management to provide a high level of service to our fans and the best sports and entertainment experience in the world,” said Mikhail Prokhorov, owner of Onexim, noting also that the company will remain fully committed to community programs that were created as part of the arena. “We believe a successful arena must be a destination, but also be part of the communities that surround it and more broadly the collection of neighborhoods that represent Brooklyn.”

Still, officials say, Brooklyn Sports & Entertainment – an enterprise that has managed the team and the arena since its opening in 2012 – will continue to do so under the new agreement.

“It’s a seamless transition due to the incredible partnership between Onexim and Forest City over the years,” said Brett Yormark, chief executive officer of Brooklyn Sports & Entertainment. “Exciting times are ahead for our fans, partners, and employees as we continue to improve and grow all of our businesses.”

The transaction was approved unanimously by the NBA’s Board of Governors earlier this month and is expected to be completed by either the end of the year or early 2016.

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