Prokhorov looking to sell majority share

[MrDollarBills]

2.2 BIL for the Rockets.

Interested to see what happens now with the Nets.

[adam13]

Do you think the new owner will move Nets to another city? Seattle or Las Vegas?

[MrDollarBills]

Do you think the new owner will move Nets to another city? Seattle or Las Vegas?

Doubt it.

[shakendfries]

Do you think the new owner will move Nets to another city? Seattle or Las Vegas?

The Nets play in a market that supports 2 NFL teams, 2 NHL teams, 2 MLB teams, 2 MLS teams- none of which operate in Brooklyn.


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[flint12]

What would a sell of majority share actually mean? Could they move the franchise? What is the worst thing that could happen?

I don't have the acutal knowledge but I feel like Brooklyn NY is a big and lucrative market. Why would anyone want to move? I mean sure you could go to Vegas but I still think NY is bigger. Please tell me if I'm wrong.

[ChokeFasncists]

Do you think the new owner will move Nets to another city? Seattle or Las Vegas?

You must be really really worried about it to make this first post after a year of joining.

As long as the Knicks have Dolan, no way the Nets are moving.

[Paradise]

The team is not relocating. The Nets have a 38 year lease w/ Atlantic rail yards (property land of Barclays Center).


But It's true, folks.

Brooklyn Nets owner Mikhail Prokhorov is ready for a long goodbye.

The Russian billionaire, unable to sell a minority stake in the money-losing NBA franchise, now plans to off-load a controlling stake in the team, two sources close to the situation told The Post.

However, Prokhorov is hoping to sell the Nets in a two-part process, the sources said. First, the 52-year-old will look to sell a minority piece of the team — but give the buyer the right to buy the entire team in a short period of time — say three years, the sources said.

“There will be a new owner in the next few years,” one of the sources said.

Prokhorov, after the NBA’s Houston Rockets sold earlier this month for a record price of $2.2 billion, is seeking roughly $2 billion for the Nets, sources said.

In July, The Post reported exclusively that Prokhorov, growing frustrated at the glacial pace of the effort to sell up to 49 percent of the team, was warming up to the idea of letting go of the team entirely.

http://nypost.com/2017/09/07/mikhail-prokhorovs-complicated-plan-for-selling-undesirable-nets/

[MrDollarBills]

This is horrible news. We need to keep the structure we have in place intact or else this is all a waste of time. I'd prefer he sell a minority stake and hold onto majority power just so that someone doesn't come in here and ruin what Marks and Atkinson are doing.

Team culture begins from the top down. Things seem to be turning around because Prokhorov brought into the idea of a patient and progressive rebuild. If he sells to some bat **** insane owner group with no sense of continuity we're screwed.

[Lamak]

I have mixed feelings about this. I do feel Prokhorov feelings about the team have changed many times throughout his tenure from excited to uncaring to business man. I just am unsure of what to expect from the next owner, just hope they would be invested throughout

[Paradise]

This is horrible news. We need to keep the structure we have in place intact or else this is all a waste of time. I'd prefer he sell a minority stake and hold onto majority power just so that someone doesn't come in here and ruin what Marks and Atkinson are doing.

Team culture begins from the top down. Things seem to be turning around because Prokhorov brought into the idea of a patient and progressive rebuild. If he sells to some bat **** insane owner group with no sense of continuity we're screwed.

That's believing into the likelihood of someone being an agenda driven owner.

That's not guaranteed to happen because the league board of governors will still have to investigate any perspective buyers. The Nets are one of the highest valued franchises in the league regardless and they will want a stable owner with a clear mind to represent the league, not just buy the franchise. The league prefers one owner w/ small minority shares instead of large investment groups like MLB.

You can make the argument it could benefit us going further down. I don't see why anyone would undo the work that's being laid considering it's widely known why they were brought in.

People were really saying that the league should take the Nets away from Prokhorov during the Billy King era. The man has made up for his own sins on a big scale from our vantage point but the reality is there will be a cloud over our franchise until we either win or he sells.

He wouldn't be looking to sell if he truly was committed to a 5 Year rebuild of a mess that his own management created. A new owner in 3 Years would hopefully be acquiring a franchise that is trending to perennial playoff appearances and has full control of their own picks with a core of D'Lo/CLV/Allen/Crabbe/RHJ($?).

We're screwed if he keeps the franchise and we don't get any better. Same risk all around.

[Ror1997]

Whoever buys us better just let **** rock

[D.Brasco]

Do you think the new owner will move Nets to another city? Seattle or Las Vegas?

If the team is being valued at 2 billion it's pretty much only for the fact it's in New York city.

The original Clippers over-valuation was based on it being an LA market team.

[Hello Brooklyn]

I don't care as long as the new owner doesn't interfere with our current plan.

Prokhorov was never a good owner and all he did was funnel money into the team. And his demand for an instant contender crippled us for decades.

Everyone blames Billy King, but it is true that ownership decided to change its plan after the first year by letting Pierce walk and trading away KG after just one season.

[Curns13]

I don't care as long as the new owner doesn't interfere with our current plan.

Prokhorov was never a good owner and all he did was funnel money into the team. And his demand for an instant contender crippled us for decades.

Everyone blames Billy King, but it is true that ownership decided to change its plan after the first year by letting Pierce walk and trading away KG after just one season.

I dont think it 'crippled us for decades'. Obviously it sucked/sucks and made us a bit of a laughing stock for a year or two, but with the way Markinson is working, we should be back in the playoffs by 2020. That's only 5 years between appearances. The Kings are already more than a decade without a top 8 finish, we'll be ok soon enough.

[Hello Brooklyn]

I don't care as long as the new owner doesn't interfere with our current plan.

Prokhorov was never a good owner and all he did was funnel money into the team. And his demand for an instant contender crippled us for decades.

Everyone blames Billy King, but it is true that ownership decided to change its plan after the first year by letting Pierce walk and trading away KG after just one season.

I dont think it 'crippled us for decades'. Obviously it sucked/sucks and made us a bit of a laughing stock for a year or two, but with the way Markinson is working, we should be back in the playoffs by 2020. That's only 5 years between appearances. The Kings are already more than a decade without a top 8 finish, we'll be ok soon enough.

We didn't have our own draft pick for like 6 years.

That's almost unprecedented in NBA history. Who else goes through that?

Its only because of the brilliance of Marks that we even have a semblance of a team.

But what other team has sucked for this long and has basically no blue chip prospects?

The path for us to become a Contender is very very difficult.

[Mkdaman1818]

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[MrDollarBills]

does he retain 50% or is he out completely? i seriously hope not. i'll be done if a new ownership group comes in here and screws up what Marks is building.

[Andy123]

It's 49 percent ... But path to controlling stake in 3 years so nothing to worry right now..
3 yrs from now.. if team identity is formed... Likely new controlling group won't change the team structure.
So for now just enjoy basketball it's just a game.

[Ror1997]

All I care about is the owner letting Marks do his thing.

[vincecarter4pres]

Tsai just bought 49% with an option to be a majority owner in the future.