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.


sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."