Brooklyn Nets Ownership Is Up For Sale…Again
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According to Scott Soshnick of Bloomberg News, Nets ownership has yet again gone around trying to sell Mikhail Prokhorov’s stake with the Brooklyn Nets. This time however, it’s being reported that Mikhail Prokohrov has not initiated the talks like he’s done in the past.
Mr. Soshnick reports that Russian billionaire Mikhail Prokhorov, retained Evercore Partners (EVR) to sell the National Basketball Association team he bought in 2010, according to two sources with direct knowledge of the matter. The sources requested anonymity because the matter is private. EVR is the same company that attempted and failed to sell Bruce Ratner’s stake with the Nets and Barclays Center.
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Prokhorov owns 80% of the Nets and 45% of Barclays. He has been willing to sell it all but would like to maintain some type of control of the team. With the value of the Russian Ruble falling and the U.S. Dollar increasing, it make sense for Prokhorov to sell and try to fetch as many billions as he possibly could. Remember, the Clippers went for $2 billion this past summer, and the Buck went for $550 million.
While nothing is imminent, Prokhorov is always listening to offers. The Nets front office has denied the story of Prokhorov or EVR looking to sell. However, with the Nets currently in a downward spiral, if you can get rid of something that’s costing you money and make a huge profit from it, then why not? It does bring up the question however, if the Nets were at the top of their conference or division, would they still be up for sale?
