NBA News Wire
Report: Russian owner to sell Nets
Alan is an expert gambling writer who works as one of the chief editors for Basketball Insiders. He has been covering online gambling and sports betting for over 8 years, having written for the likes of Sportlens, Compare.bet, The Sports Daily, 90min, and TopRatedCasinos.co.uk. His particular specialisms include US online casinos and gambling regulations, and soccer and basketball betting. Based in London, Alan holds an MA in English Literature and is a passionate supporter of Chelsea FC.
All posts by Alan DraperUpdated16 mins ago on April 25, 2024
Russian billionaire Mikhail Prokhorov is selling the Brooklyn Nets, Bloomberg News reported Tuesday.
According to the report, Prokhorov is not pleased with the team’s financial losses. He bought majority ownership of the franchise in May 2010 for $223 million and has secured Evercore Partners to sell the Nets.
The 49-year-old owns 80 percent of the team and 45 percent of Barclays Center, the Nets’ home arena. Only the team apparently is for sale,
“As we have said for many months, ownership is always open to listening to offers — that’s just good business,” the Nets said in a statement. “There is nothing imminent in terms of a sale of any stake in the team.”
It’s believed that Prokhorov, the first foreign owner of an NBA team, has entertained offers for the club since June, but he has yet to confirm his desire to get rid of the Nets. The selling price could be more than $1 billion.
On the court, the Nets have struggled to a 16-22 record this season.
