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Russian Tycoon Prokhorov Completes Purchase Of Brooklyn Nets

Russian tycoon Mikhail Prokhorov completed his acquisition of the Brooklyn Nets, a U.S. basketball team, along with the Barclays Center where the team plays.

The team is valued at $875 million and the arena is valued at $825 million, making the deal worth $1.7 billion, the team announced December 22.

Prokhorov had controlled 80 percent of the team and 45 percent of the arena before completing the purchase. He bought out his minority partner, Bruce Ratner, who had controlled 20 percent of the team and 55 percent of the arena.

The Russian billionaire, who made his money in metals and has a net worth of $8.2 billion, bought the National Basketball Association team when it was based in New Jersey. The club moved in 2012 to Brooklyn, where Prokhorov was building the Barclays Center for their use.

Prokhorov jumped into Russia's presidential race against President Vladimir Putin in 2012, surprising many and managing to get 8 percent of the vote.

Based on reporting by ESPN, TASS, Forbes, and Bloomberg