New Nets Investor?

Barclays Arena developer and New Jersey Nets owner Bruce Ratner could be close to selling a stake in the team to an investor, following state approval of the Atlantic Yards development in Brooklyn that will house the venue.

The Forest City Ratner chief is said to be in discussions with Russian billionaire Mikhail Prokhorov over purchasing a majority interest in the team.

A representative for the investor reportedly confirmed that “there is a possibility” Prokhorov will participate in funding the $800 million arena for the Nets.

The team declined in a statement to name potential investors.

“As we have said before, we have received interest from potential investors in the team,” Nets CEO Brett Yormark said. “That interest is growing, as it is clear that we are moving to Brooklyn. Our ownership group is as committed as ever to the success of the Nets and to the Barclays Center.”

Forest City is attempting to raise nearly $700 million in tax-exempt financing before the end of the year to begin the construction, the New York Times reported.

The developer still faces an appellate hearing next month regarding the use of eminent domain in the development.