Brooklyn Nets, the National Basketball Association (NBA) franchise, and its Barclays Center arena have been fully acquired by Russian billionaire Mikhail Prokhorov.

Prokhorov’s company, Onexim Sports and Entertainment Holding USA, has sealed an agreement with Nets Sports Entertainment, LLC – an entity controlled by Forest City Enterprises – to take 100 per cent equity in both properties.

The deal was approved unanimously by the NBA’s Board of Governors earlier this month, with the transaction expected to be complete in the coming weeks. The agreement was mooted earlier this month.

In 2010, Onexim purchased 80 per cent of the team and 45 per cent of the arena with Bruce Ratner’s Forest City owning the remaining stakes.

Following the conclusion of the deal, Brooklyn Sports & Entertainment will continue to manage the team and arena as it has done since the 18,000-capacity Barclays Center opened in 2012. Under the new agreement, Barclays Center will continue to work with the wider community and implement community programmes applicable to the arena which were established as part of its development.

Prokhorov said he had “enjoyed a wonderful partnership” with Ratner to “open one of the most successful arenas in the country and bring professional sports back to Brooklyn”.

“We will continue to support arena management to provide a high level of service to our fans and the best sports and entertainment experience in the world,” he added. “We believe a successful arena must be a destination, but also be part of the communities that surround it and more broadly the collection of neighbourhoods that represent Brooklyn.”

Brooklyn Sports & Entertainment chief executive, Brett Yormark, added: “It’s a seamless transition due to the incredible partnership between Onexim and Forest City over the years. Exciting times are ahead for our fans, partners, and employees as we continue to improve and grow all of our businesses.”