No imminent deal, but ownership open to offers…
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Brooklyn Nets owner and Russian billionaire Mikhail Prokhorov has reportedly decided to sell the team, according to multiple ESPN sources.
Prokhorov is understood to have retained Evercore Partners to sell the franchise that he acquired a majority ownership in back in May 2010 for $223m.
The Russian businessman has been open to spending vast amounts during his tenure so far after claiming an 80 percent stake in the team, although it didn’t translate into success on the court.
Despite bringing in the likes of Kevin Garnett and Paul Pierce from the Boston Celtics, the Nets were unable to even reach a Conference Finals as coach Jason Kidd was replaced with Lionel Hollins last summer after just a year in charge.
“As we have said for many months, ownership is always open to listening to offers — that’s just good business,” a spokesperson for Prokhorov said in a statement. “There is nothing imminent in terms of a sale of any stake in the team.”
According to ESPN sources, Prokhorov hasn’t been impressed with the financial losses and lack of high level performance on the court and so it has potentially led him to make the decision to push through with a sale.
The Nets lost $144m in basketball-related business in 2013/14, $131m more than the next highest team according to Grantland.
However, while Prokhorov will likely look to sell the franchise, he also holds a 45 percent stake in the Barclays Center and it is understood that he will look to retain that. Meanwhile, at the time that he purchased the Nets, he agreed to service 80 percent of the team’s $220m debt.
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