Hogan Lovells Advises Onexim on Acquisition of New Jersey Nets
12 May 2010
LONDON and NEW YORK, 12 May 2010 – Hogan Lovells has successfully advised Onexim Sports and Entertainment Holding USA, Inc., in the acquisition of a majority stake in the capital of the New Jersey Nets basketball club. As part of the agreement, Onexim will begin development with Forest City Ratner Companies on a new stadium project in Brooklyn, New York. Russian entrepreneur Mikhail Prokhorov, President of Onexim, will be the first owner of an NBA team from outside North America.
The deal, which closed on 12 May, is valued at $200 million and includes 80 per cent of the NBA league team and 45 per cent of the 22-acre Barclays Center in Brooklyn, which will include the new stadium for the Nets, as well as other non-residential and residential buildings.
Hogan Lovells’ London-based partner Todd Schafer led the team that advised Onexim. He was supported by London partner, Chris Melville, and New York partners, Mitch Lubart, Maureen Hanlon, Alex Johnson, Mark Weinstein, and David Dunn.
Schafer commented: "We've had the pleasure of working very closely and successfully with Onexim as well as the NBA, Nets and FCR/NSE and their advisors on this landmark transaction, and this is an excellent outcome."