FireDavidKahn
01-13-2015, 03:24 PM
http://espn.go.com/new-york/nba/story/_/id/12161478/owner-mikhail-prokhorov-decides-sell-brooklyn-nets
Russian billionaire and Brooklyn Nets owner Mikhail Prokhorov has decided to sell the team, multiple sources told ESPN.com Tuesday, confirming a Bloomberg News report.
[+] EnlargeMikhail Prokhorov
Sasha Mordovets/Getty Images
Owner Mikhail Prokhorov has decided to sell the Nets, according to a Bloomberg News report, citing two sources.
Prokhorov has reportedly retained Evercore Partners to sell the franchise he acquired majority ownership of in May 2010 for $223 million.
"As we have said for many months, ownership is always open to listening to offers -- that's just good business," a spokesperson for Prokhorov said in a statement. "There is nothing imminent in terms of a sale of any stake in the team."
Prokhorov's tenure as owner has been defined by his incredible willingness to spend a fortune to win, but sources have told ESPN.com the Russian hasn't been thrilled with the team's financial losses or its performance on the court.
The Nets lost $144 million in basketball-related business in 2013-14 -- $131 million more than the next highest team -- as reported by Grantland.com.
Prokhorov's current stake includes 80 percent of the team and 45 percent of Barclays Center. At the time he purchased the Nets, he agreed to service 80 percent of the team's $220 million debt.
ESPN.
Russian billionaire and Brooklyn Nets owner Mikhail Prokhorov has decided to sell the team, multiple sources told ESPN.com Tuesday, confirming a Bloomberg News report.
[+] EnlargeMikhail Prokhorov
Sasha Mordovets/Getty Images
Owner Mikhail Prokhorov has decided to sell the Nets, according to a Bloomberg News report, citing two sources.
Prokhorov has reportedly retained Evercore Partners to sell the franchise he acquired majority ownership of in May 2010 for $223 million.
"As we have said for many months, ownership is always open to listening to offers -- that's just good business," a spokesperson for Prokhorov said in a statement. "There is nothing imminent in terms of a sale of any stake in the team."
Prokhorov's tenure as owner has been defined by his incredible willingness to spend a fortune to win, but sources have told ESPN.com the Russian hasn't been thrilled with the team's financial losses or its performance on the court.
The Nets lost $144 million in basketball-related business in 2013-14 -- $131 million more than the next highest team -- as reported by Grantland.com.
Prokhorov's current stake includes 80 percent of the team and 45 percent of Barclays Center. At the time he purchased the Nets, he agreed to service 80 percent of the team's $220 million debt.
ESPN.