The Nets arena has a few more hurdles to clear.
Opponents of the project, and one congressman, have sought to raise concerns about questionable business deals in Mr. Prokhorov’s past. The $200 million deal is contingent on approval from the NBA’s board of governors.
The state’s top court on Oct. 14 is hearing arguments in a key eminent domain lawsuit regarding Atlantic Yards, and while Mr. Ratner has been victorious in the courts thus far, a loss would surely kill the project. On the financing side, Mr. Ratner plans to start selling $700 million in tax-free bonds in coming weeks, which must be sold before a Dec. 31 Internal Revenue Service deadline.
“I think the ratings agencies will probably have ratings in about two weeks,” Mr. Ratner said. “And then we’ll start selling ’em.”