April 21st, 2017

Nets Owner Mikhail Prokhorov Officially Looking to Sell 49 Percent Stake of Team

Rob Lopez @R0BaTO
Mikhail Prokhorov

Mikhail Prokhorov (Noah K. Murray-USA TODAY Sports)

The Brooklyn Nets are are the opposite end of success after they were looking to build a title contender when they first came to New York in 2012. Some trades didn’t quite work out, a couple of coaches were let go and a new general manager is now in control. But before the Nets officially turn the corner, their majority owner is looking to sell a good majority of the team to the highest bidder.

Following comes from the Associated Press.

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 and took full ownership in 2015. It has been long rumored that he was looking to get additional owners in the organization with him. Recently, Prokhorov’s top executive Irina Pavlova elected to step down from her position with the team.

The went 20-62 this season, which was the worst record in the NBA but they don’t own their own pick in the 2017 NBA Draft. It’s the third consecutive season Brooklyn finished below .500. The Nets last made the playoffs in 2015, losing to the Atlanta Hawks in the first round.

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