Connect with us
Home » news » Report Russian Owner To Sell Nets

NBA News Wire

Report: Russian owner to sell Nets

Updated

on

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.

Up to the minute news and reports from the news wire of The Sports Xchange.

Trending Now