Nets owner buys stake in Coliseum development
The owner of the Brooklyn Nets is buying a controlling stake in the company behind the redevelopment of Nassau Coliseum.
Mikhail Prokhorov is taking over 85 percent of the Nassau Events Center -- the entity created by developer Bruce Ratner to run the new coliseum.
Nassau County Legislator Carrie Solages says he supports economic development in the county but wants to make sure that it doesn't hurt taxpayers.
The lease agreement calls for Nassau Events to shell out over $260 million dollars to redevelop the arena and build a complex with retail stores, restaurants and a movie theater.
Ratner's company will maintain a 15 percent stake and remain the lead developer on the project, according to officials.