Report: Russian Billionaire Mikhail Prokhorov Is Selling The Brooklyn Nets
Sasha Mordovets/Getty Images Brooklyn Nets owner Mikhail Prokhorov is selling the team, according to Scott Soshnick of Bloomberg.
The Nets said in a statement, "As we have said for many months, ownership is always open to listening to offers — that’s just good business. There is nothing imminent in terms of a sale of any stake in the team."
The Russian billionaire bought the franchise in 2010 for $200 million and presided over its move to Brooklyn.
Forbes now values the team at $780 million.
Prokhorov spent a ton of money trying to build a championship contender over the past five years. The team lost $144 million in 2013-14, according to Grantland, largely because of the astronomical $90 million it was forced to pay in luxury tax as a result of going over the salary cap.
The Nets have won one playoff series since moving to Brooklyn. After going all-in and trading most of their future draft picks for Paul Pierce and Kevin Garnett, they are now in a prolonged rebuilding mode that could take years to complete.
Prokhorov has made infrequent appearances at Barclays Center over in recent years, and there have been rumors that he's looking to sell for months.
He made his fortune in the mining industry. When he first came into the NBA, he was considered something of a Russian Marc Cuban — an outspoken, freewheeling billionaire with more personality than your average NBA owner.
Forbes values him at $9.2 billion.
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