Results tagged “oligarch”

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.