Darren Rovell of ESPN is reporting that Nets owner Mikhail has ended an agreement with an investment bank that was helping him sell the Nets.
From Rovell:
“Brooklyn Nets owner Mikhail Prokhorov has ended his agreement with investment bank Evercore Partners, who he hired to explore a sale of the team,” Rovel said.
This necessarily doesn’t mean Prokhorov isn’t selling the team, he just is deciding to go in a different direction.
“Nothing has happened and they’ve been talking about it (in the media) for a year,” Nets CEO Brett Yormark said. “So I’d probably say I don’t think anything is going to happen. We have an ownership group that is very committed.”
Whether Prokhorov does eventually sell the team, the Nets look to be on the downside. Joe Johnson and Deron Williams have declined and are owed a combined $40 million next season.
The Nets also don’t own their 2016 or 2018 first round picks. The Hawks have the option to swap first round picks with the Nets this season, and Celtics can swap with the Nets in 2017, so if a new owner does come to Brooklyn, it might be tough to be competitive, with no picks and not much cap space.
