Report: Prokhorov reaches deal to become Nets' sole owner

Mikhail Prokhorov is reportedly on the verge of becoming the Brooklyn Nets' sole owner.

The Russian billionaire and real estate developer Bruce Ratner's Forest City Enterprises Inc. have reached an agreement to give Prokhorov sole possession of both the Nets and Barclays Center, Bloomberg Business' Scott Soshnik and Eben Novy-Williams report. The deal is pending NBA approval.

Prokhorov, who purchased his majority share in the Nets in 2010, currently owns 80 percent of the team and 45 percent of Barclays Center.

Based on previous reports that Prokhorov was looking to sell the Nets, taking sole ownership could be seen as a preceding move to eventually selling the franchise.

The Nets, who moved from New Jersey to Brooklyn in 2012, were valued at $1.5 billion by Forbes earlier this year.

While the New York-based team and arena hold obvious value off the court, the franchise has become quite the mess on the court under Prokhorov's and general manager Billy King's watch. At 5-13, the Nets boast the league's fourth-worst record, are devoid of much young talent, and don't control their own first-round draft pick until 2019.