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Mikhail Prokhorov gains full control of Nets, Barclays Center

Brooklyn Nets owner Mikhail Prokhorov has officially acquired 100 percent control of both the team and the Barclays Center, according to a news release issued Tuesday.

The team is valued at $875 million and the arena is valued at $825 million for a total of $1.7 billion, the release said.

Prokhorov had controlled 80 percent of the team and 45 percent of the arena before completing the deal. His minority partner, Bruce Ratner, had control of the other 20 percent of the team and 55 percent of the arena.