Atlantic Yards

Prokhorov NBA Bid Gets Scrutiny; ACORN-Funder Ratner Needs Russian Billionaire to Build Brooklyn Arena

Ratner & ProkhorovBruce Ratner is a New York real estate developer and owner of the New Jersey Nets of the National Basketball Association. For five years, he’s been trying to move the team to a new arena in Brooklyn that he hopes to build, relying on New York’s powers of eminent domain to move hundreds of homeowners and businessmen out of their quarters.

The Brooklyn arena project, known as Atlantic Yards, is on life support. It is only being kept alive by an investment of Russia’s richest man, Mikhail Prokhorov, who is reportedly worth more than $13 billion. He is investing $200 million with Ratner for a 85% ownership interest in the Nets, and a 45% interest in the $4.9 billion arena project, which includes residential and office towers.

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