Mikhail Prokhorov has moved a step closer to taking a major stake in the New Jersey Nets, while current Nets owner Bruce Ratner has secured US$511 million in tax-exempt bonds to finance construction on the team's Barclays Center in Brooklyn.

The arena bonds are rated at the lowest investment grades by Standard & Poor's and Moody's Investors Service, while underwriters have been led by Goldman Sachs and Barclays, which has a multi-million dollar deal in place for the naming rights to the arena.

Meanwhile, Prokhorov's Onexim Sports and Entertainment Holdings and the company that owns the Nets have announced that they have completed the agreement to create a partnership that will own the NBA team. Prokhorov has committed US$200 million to the franchise and its move to Brooklyn, expected to take place by 2011.

• New Jersey Nets secure Chinese sponsors

"I am looking forward to working with Bruce and his team to bring a world-class entertainment and sports center to the heart of New York City," Prokhorov said in a statement. "Brooklyn is an exceptionally attractive market for a new arena and the Barclays Center will provide a fantastic home for the Nets."