Mikhail Prokhorov is nearing a deal to buy Brett Ratner's share of the Brooklyn Nets and Barclays Center.
Prokhorov has been in talks to buy the 55 percent of the arena and 20 percent of the NBA team he does not already own.
Selling the sports interests would make it easier for Ratner's Forest City to pull off a complicated conversion to a tax-advantaged real estate investment trust, which would help boost its share price.
“People can’t wait for them to sell these assets so they can focus on real estate development,” said one analyst who follows the company.
The team is valued at an estimated $700 million, according to the analyst who follows Forest City. After subtracting $210 million of debt, the franchise has an equity value of $490 million.