Rich Russian Will Own Most of Brooklyn "Nyets"

On the heels of Russian billionaire Mikhail Prokhorov's blog confirmation of rumors that he'll help finance the Bruce Ratner's embattled Nets stadium, Forest City Ratner has issued a statement detailing the "strategic partnership for the development of the Atlantic Yards Project." According to the press release, "entities to be formed by Prokhorov's 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." The tentative $200 million deal would also involve Prokhorov taking on some of the team’s debts and reducing Ratner’s 23 percent stake.

The news has Atlantic Yards foe Daniel Goldstein at Develop Don't Destroy Brooklyn scared red, because "Russian oligarchs are under sway of the Kremlin—they are not who they are without the backing of the Kremlin.... We never thought the fight against the crooked Atlantic Yards deal could get more crooked or that it would require a degree in Kremlinology, but clearly Mr. Prokhorov is eyeing the Nets and this key piece of Brooklyn to build some Russian-NBA pipeline, and sow his wild playboy oats." Well, if it means New York gets an alternative to the Knicks, the Myanmar junta can own it for all we care.