Brooklyn Nets and Barclays Center owner, Russian billionaire Mikhail Prokhorov, received approval from the NBA Finance Committee to split up the two entities as he looks to sell a minority interest in the team, per The Post's Brian Lewis.
First reported by Forbes, Prokhorov wanted to sell a minority stake in the Nets, but keep the Barclays Center under his control last year. However, the NBA denied him the right to do so.
Though he has approval from the Finance Committee, the NBA Board of Governors still needs to give Prokhorov the green light before he is allowed to make a deal with a potential buyer.
Prokhorov bought out Bruce Ratner's interest in the Nets and Barclays Center at roughly $1.7 billion in 2015.
The Nets franchise is an estimated $1.8 billion, which is the seventh-most valuable in the NBA.