Report: Prokhorov to sell 49-percent share of Nets

NBA.com Global on Oct 07, 2017 07:42 AM
Report: Prokhorov to sell 49-percent share of Nets
Brooklyn Nets owner Mikhail Prokhorov speaks during an NBA basketball news conference in New York, Monday, Jan. 11, 2016. (AP Photo/Seth Wenig)

NBA.com staff report

On the court, the Brooklyn Nets are a team looking to bounce back from a rough 2016-17 season in which they posted an Eastern Conference-worst 20-62. Off the court, Nets owner Mikhail Prokhorov has some changes in mind for his future, too.

According to Josh Kosman of the New York Post, Prokhorov is continuing to move toward selling a 49-percent share in the team and some suitors have emerged in that process:

Russian billionaire Mikhail Prokhorov is getting closer to selling the Brooklyn Nets, sources told The Post.

There are multiple suitors late in the process to buy a 49-percent stake in the struggling NBA team, along with the right to buy a larger stake and become the controlling owner in three years, sources told The Post.

The sale does not include Brooklyn’s Barclays Center.

Prokhorov is seeking a better than $2 billion valuation for the team, sources said.

Reuters reported Thursday that Alibaba executive Joseph Tsai, who is worth nearly $12 billion, was in advanced talks to buy a stake in the Nets.

Tsai denied the story.

Prokhorov's desire to sell the team became news in April and in early August, his plans to sell the 49 percent share of the team entered the mix. With the Houston Rockets recently selling for a reported $2.2 billion just a month ago, Prokhorov is no doubt aware of what his team may fetch if and/or when he does fully part with it.

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