Brooklyn Nets owner Mikhail Prokhorov has decided to sell the team according to Bloomberg News. Prokhorov has reportedly retained Evercore Partners to sell the franchise he acquired majority ownership of in May 2010 for $223 million. The Nets have spent exorbitant amounts of money during the Russian’s tenure as owner and lost $144 million in basketball-related business last season. However, the Nets have not confirmed a sale yet.
“As we have said for many months, ownership is always open to listening to offers — that’s just good business. There is nothing imminent in terms of a sale of any stake in the team.”
Prokhorov’s current stake includes 80 percent of the team and 45 percent of Barclays Center. At the time he purchased the Nets, he agreed to service 80 percent of the team’s $220 million debt. All of this comes via ESPN.
