Bruce Ratner, Mikhail Prokhorov in new Brooklyn venture

Brooklyn Sports & Entertainment, the partnership that controls Barclays Center, has formed an alliance with Long Island University, in which BS&E will bring entertainment back to the historic Brooklyn Paramount Theatre.  The partnership is controlled by Bruce Ratner and Mikhail Prokhorov who are reportedly interested in selling the Nets.

The story was first reported by Billboard...

The move will resurrect the 1,500-capacity venue, which opened in 1928, as an active entertainment venue for the first time in more than half a century, with the BS&E team focusing on booking emerging talent in a variety of areas, including music, comedy, and boxing. Barclays Center CEO Brett Yormark tells Billboard that the Paramount represents an opportunity in the growing BS&E portfolio, and will begin hosting shows as soon as this quarter.

This is at least the fourth joint venture between Ratner and Prokhorov. In addition to the Nets and Barclays Center, the two are invested in the rehab of Nassau Coliseum on Long Island. That rehab will begin after the Islanders season ends, which looks increasingly like May or even June.

As Billboard's Ray Waddell quotes Brett Yormark...

"As we diversify into an entertainment company -- Barclays Center being the first step, we've got Nassau, and other announcements coming -- being in the venue space is important to us, as is identifying complimentary spaces. What's going on in Brooklyn is incredible, a downtown entertainment district with restaurants and smaller theaters."

Next month, the theater will play a role in the NBA All-Star weekend as the host of the debut of the "NBA House" presented by BBVA Compass. For years, LIU used the theater, three blocks north of Barclays Center, as a its gym.

It's uncertain how this last venture will affect the Nets ownership's plans to seek a valuation ... or sell the team and arena.

• Exclusive: Barclays Inks Booking Deal at Brooklyn's Paramount - Ray Waddell - Billboard