NEW YORK (TheStreet) -- Forest City Enterprises Inc. (FCE.A) has secured an extension of a forbearance agreement on debt linked to the Brooklyn Nets, indicating a sale of the basketball team could be near.
The real estate owner, developer and manager, a minority owner in the National Basketball Association franchise, on Wednesday, Aug. 12, announced an amended forbearance agreement through Sept. 8 on payments due to the Nets' majority owner, Mikhail Prokhorov. A previous forbearance deal had been set to expire Wednesday. The parties first reached a forbearance deal in 2013, Securities and Exchange Commission filings show.
Prokhorov, a metals mogul, in May 2010 paid $223 million for 80% of the team and 45% of the arena. Forest City first acquired a stake in the franchise in August 2004 with a plan to develop a new arena and surrounding real estate in downtown Brooklyn, N.Y.
Lyle Ayes of Evercore Group LLC is advising on the sale of the Nets. Ayes did not respond to calls.
Forest City spokesman Jeff Linton and Gary Sussman, VP of public relations for the Nets, also did not return requests for comment.