EAST RUTHERFORD, New Jersey, December 16, 2009 (AFP) - Russian billionaire Mikhail Prokhorov's bid to purchase the NBA's worst club, the New Jersey Nets, moved closer to completion Wednesday after a partnership agreement was reached.

A development company of Nets majority owner Bruce Ratner and Prokhorov's holdings firm finalized a partnership that woukld own the Nets and the Atlantic Yards development project, the team's proposed new home in Brooklyn, New York.

On Tuesday, $511 million in tax-free bonds were sold for the planned Barclays Center arena, all-but ensuring the controversial and delayed project would finally get the green light in the New York City neighborhood.

The new arena would compete with Manhattan's venerable Madison Square Garden and a Long Island arena that ice hockey's New York Islanders call home.

Ratner and the Nets signed a letter of intent to sell to Prokhorov in September.

The new deal would see Prokhorov take an 80 percent stake in the Nets, provided NBA owners approve, and a 45 percent stake in the new Nets home arena with an option for him to buy up to 20 percent of Atlantic Yards, the office and apartment complex that would surround the arena.