Russia's richest man has struck a deal to buy a controlling interest in the New Jersey Nets and nearly half of the development of the Atlantic Yards Project. NY1's Anthony Pascale filed the following report.

Forbes Magazine lists self-made billionaire Mikhail Prokhorov as the 40th richest person in the world.

Aside from a reputation for partying, Prokhorov is also a huge basketball fan -- the main reason why he says he wants to buy the Nets basketball team when they come to Brooklyn. It's also a move he believes will help improve the sport in his country.

"He does love sports. Maybe he wants to become a little more public over here than he has been before," said Rose Brady of BusinessWeek Magazine. "He has made a few investments in nanotechnology, but maybe he's trying to change his image a little bit. His image isn't bad but he's been sort of unknown."

With the Atlantic Yards project in apparent financial trouble, developer Bruce Ratner has done what he repeatedly said he wouldn't -- sell the team he bought for $300 million in 2004.

The deal calls for Prokhorov to own 80 percent of the Nets, 45 percent of the new 18,000-seat Barclays Center and the option to buy up to 20 percent of the development company that will build out the remaining Atlantic Yards area with housing and businesses.

In a statement released Wednesday, Ratner said, "I am thrilled that smart global investors appreciate the exciting economic potential of Brooklyn.... We are one step closer to achieving our goals of creating much needed jobs and economic development for Brooklyn and the city."

But not everyone is applauding the deal, especially those who have been fighting the project all along. Many disagree with the use of eminent domain and the project's use of taxpayer money. Some also fear it will drive the working class out of the neighborhoods surrounding the project.

"The reality is they're cash-strapped and they have to go across the shores to associate with someone of questionable character," said City Councilwoman Letitia James, who represents the Atlantic Yards area.

James also referred to Prokhorov's 2007 arrest in France where he was suspected of being involved with a prostitution ring.

"Supposedly they were looking into whether he was providing call girls to the people at this party, but they never charged him with it. It generated a lot of headlines at the time that weren't very positive headlines," Brady said.

"Where is Brooklyn? This has nothing to do with Brooklyn," James said. "It all comes down to dollars and cents and Forest City Ratner should be ashamed of themselves."

The Prokhorov deal must still be approved by the National Basketball Association's board of governors. NBA League Commissioner David Stern has already come out in support of it.

If all goes according to Ratner's plans, residents will start seeing the new Barclays Center going up next year. The arena is expected to open in time for the Nets' 2011-2012 season.