Russian Billionaire Mikhail Prokhorov is still looking to sell his 49 percent stake in the Brooklyn Nets, and is getting closer to doing so, reports Josh Kosman of the New York 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.
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Prokhorov is seeking a better than $2 billion valuation for the team, sources said.
A potential sale of the Nets would not include the Barclays Center.
On Thursday, Reuters reported that Alibaba Tsai was in advanced talks to purchase the Nets. Tsai, who is worth almost $12 billion, denied the report.
This seems like an odd time for Prokhorov to sell. For the first time in years, things may be trending upward for the Nets. Early in the offseason, they made waves by acquiring former no. 2 overall draft pick D’Angelo Russell. Plus, the Nets will finally own their own first-round draft pick again in 2019.
If he really is looking to sell, this just seems like a sell-low move by Prokhorov, which is typically an unadvisable business maneuver.
