Stop The Press, Nets Are No Longer For Sale

Earlier this week, extremely important news broke that the Nets front office concerning rumors about the sale of the team. For months, the Nets and Barclays Center have been rumored to be up for sale following the forced sale of the Los Angeles Clippers this past summer. News broke on ESPN that Brooklyn Nets majority owner, Mikhail Prokhorov, is taking the team off the market and are no longer for sale.

These for sale rumors really began last year following the outcome of the Donald Sterling ruling where he was removed from power and forced to sell the team. The Clippers were bought for a record $2 billion and Nets majority owner Mikhail Prokhorov was curious to see what the Nets could fetch in the market. Prokhorov is a business man and is in the business to make money. The Nets were bought around $200 million that gave Prokhorov 80% of the Nets, 45% of Barclays Center and 20% of the Atlantic Yard homes project. When the Nets began to lose money due to NBA luxury taxes and other areas that fell into the red, the rumors about the potential sale appeared to be more fact than fiction. Around the same time, Los Angeles Dodgers ownership, Guggenheim Sports and Entertainment Assets, valued the team at $1.7 billion and the arena at $1.1 billion. The Nets and Dodgers could have been built as west coast and east coast power houses while Prokhorov could have flipped $200 million for $2.8 billion; a $2.6 billion dollar profit. Prokhorov was steadfast in saying that no matter what happens, he wants to maintain control of the team. That would be very hard to do if someone or some company really intended on buying the team from him.
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A couple of weeks ago, a Chinese firm was believed to have strong interest in buying the team from Prokhorov but that as well ended up just being talk. Nets CEO, Brett Yormark spoke candidly about the rumored sale recently saying that the rumor has been just a rumor for a year now and nothing has happened. He didn’t think the team would sell and he happened to be right. With the Nets poor fortune hitting them hard, sports analysts often joked about the Nets losing record (25-38) and the team being up for sale. However, the jokes and rumors are over. Now that the Nets are off the market, Prokhorov needs to set the Nets in a new direction. His 5 year map to a championship looked good on paper but simply didn’t work out. He says everyone in the organization is still committed to winning a championship in Brooklyn. But what will the new plan be? If there ever was a clue to what the Nets front office is thinking, look at the recent trades, starting line ups, free agents they tried to get, and expiring contracts. The Nets intend to go young and build with patience while still being able to contend. Prokhorov’s new direction for the Nets may have secretly started during the NBA-All Star break and should make for a very interesting off-season if the Nets fail to make it into the Playoffs.