The ownership of the Brooklyn Nets is in "ongoing discussions" with Guggenheim Sports and Entertainment Assets, owners of the Los Angeles Dodgers, on a "combination of assets." Mikhail Prokhorov would remain in control of the Nets, say sources close to the discussions.

In the discussions, the team is being valued at $1.7 billion and the arena at $1.1 billion, said both sources. There is no agreement yet, nor a deadline for a conclusion of the discussions. The next step would be an agreement in principle followed by a closing.

The discussions are continuing, said one source. A second source says that Guggenheim's president, Todd Boehly, met in Moscow earlier this week with Prokhorov, minority owner Bruce Ratner, and CEO Brett Yormark.

The first source emphasized that Prokhorov would continue to control the team as "governor and controlling owner" of the team "for the foreseeable future." Prokhorov currently owns 80 percent of the team and 45 percent of the arena, with Ratner's Nets Sports & Entertainment owning the remaining share of the team and the majority share in the arena.

How much Guggenheim would control after the combination of assets remains uncertain, as does the price the group would pay and how much Prokhorov and Ratner's group would each receive, said the first source. Also uncertain: would Nets ownership have any role with the Dodgers following a combination of assets. The combination of assets is a way for Prokhorov to retain control of the team while at the same time parlaying the assets into cash. He paid $223 million in cash for the team in May 2010.