Report: Mikhail Prokhorov plans to sell Nets
Mikhail Prokhorov has finally decided to cut his losses on the Brooklyn Nets.
According to a report by Josh Kosman of the New York Post on Thursday, the Russian billionaire is planning to sell his controlling stake of the Nets.
More from Kosman:
Prokhorov is hoping to sell the Nets in a two-part process, the sources said. First, the 52-year-old will look to sell a minority piece of the team — but give the buyer the right to buy the entire team in a short period of time — say three years, the sources said.
“There will be a new owner in the next few years,” one of the sources said.
Prokhorov has owned the Nets since 2010 and oversaw their move and rebrand to Brooklyn in 2012. But the team has been hemorrhaging money over the last several years, thanks in no small part to back-to-back 60-plus loss seasons and arguably the NBA’s dimmest future at the moment. Even members of Prokhorov’s own inner circle have been jumping ship lately.
To be fair, Brooklyn’s pendulum is swinging slightly upwards entering the 2017-18 season thanks to the recent efforts of GM Sean Marks and head coach Kenny Atkinson. But NBA team valuations are through the roof (the Houston Rockets just sold for a record $2.2 billion, and Kosman adds that Prokhorov is seeking roughly $2 billion for the Nets), so it’s a darn good time to liquidate.