Mikhail Prokhorov Reportedly Becomes Sole Owner of Nets, Barclays Center

The Brooklyn Nets are one of the NBA's worst teams at the moment, and owner Mikhail Prokhorov has reportedly made a move to give him greater autonomy over what he decides to do with the franchise.

Steve Kyler of Basketball Insiders reported Prokhorov has purchased the remaining portion of the team and the Barclays Center in a $1.9 billion package deal. Scott Soshnick of Bloomberg Business reported the NBA approved the deal.

Mike Mazzeo of ESPN reported Prkohorov officially owns 100 percent of the Nets and Barclays center, and the value of the team is $875 million, while the arena is valued at $825 million.

On Dec. 2, Soshnick and Eben Novy-Williams of Bloomberg Business reported Prokhorov agreed with Bruce Ratner's Forest City Enterprises Inc. to take sole ownership of the Nets as well as their home arena, the Barclays Center.

Prokhorov had already owned 80 percent of the Nets and had a 45 percent stake in the Barclays Center upon taking over Brooklyn's NBA squad in May 2010.

The Russian billionaire has been steadfast in his support of the team but hasn't been rewarded with great results on the court. After seven straight losses to open the season and a 3-4 stretch thereafter, though, Prokhorov didn't appear too alarmed, per the Record's Andy Vasquez:

"

It's simply too early to draw any conclusions about the team. We have a lot of new players and quite a few younger pieces, so it takes some time for the team to gel and to show its full potential. ... I think we've seen some positive progress. And my hope is that these efforts will soon be reflected in the wins column.

"

Brooklyn is 7-17 on the season and will be sacrificing what looks to be a high, unprotected 2016 first-round draft pick due to a misguided trade with the Boston Celtics. A quick fix is necessary in Brooklyn to soften the blow of losing such a potentially precious future asset.

Whether this move signals Prokhorov will become more involved with the Nets, or it's a precursor to selling the team—as the Bloomberg report mentioned in passing—is too early to speculate on, but it could depend on how feasible a fast rebuild is.

The Eastern Conference has a lot more parity thus far in 2015-16. Brooklyn has been left in the dust to date, but it has at least shown signs of life en route to four straight home wins between November 17 and December 1.