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Brooklyn Nets owner Mikhail Prokhorov says he’s selling 49 percent of Nets
Associated Press - Apr 21, 2017, 10:50 AM EDT



MOSCOW (AP) — Brooklyn Nets owner Mikhail Prokhorov has told Russian media he’s selling a 49 percent stake in the NBA club.

The Russian billionaire announced his intention to sell a minority stake in December, and now says “49 percent of the Brooklyn shares are up for sale,” in comments reported by R-Sport.

He adds that “currently the process is going on and we are looking for a buyer.”

Prokhorov took an 80 percent stake in the then-New Jersey Nets in 2010, moved the team to Brooklyn in 2012, and took full ownership in 2015.

Brooklyn went 20-62 this season, which was the worst record in the NBA and its third consecutive season below .500.

The Nets last made the playoffs in 2015, losing to the Atlanta Hawks in the first round

playteamball wrote:Any idea why and/or for what he wants to use the funds?

NyCeEvO wrote:

playteamball wrote:Any idea why and/or for what he wants to use the funds?

He's a businessman. He's taking advantage of the fact that the valuation of the club spiked higher than expected.

He can get $800-900k for the 49% minority share (which is what he paid for the team) and yet still maintain controlling interest.

In essence, he'd have a 100% return on his investment while not giving up control. That's gravy.

I'm sure the political climate in Russia and his adversarial relationship with Putin has Proky thinking that the security of an extra near billion dollars in cash could be quite useful.

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