It’s been known for a while that Nets owner Mikhail Prokhorov has been looking for a buyer to purchase his ownership share of the Brooklyn Nets. The russian billionaire, who owns about 95% of the team, is only interested in selling a minority stake according to Forbes writer Michael Ozanian compared to other reports that said he wanted to give up his entire stake.
Ozanian writes:
“The main problem is that Prokhorov has not committed to selling a majority of the Nets and no one is apparently crazy enough to pay big money for a minority stake in a money-losing team. Such a deal would mean the new investor would have no say in how the Nets are run but would likely have to make cash payments to make up for the team’s red ink. As one banker who traded candor for anonymity put it, “No one knew what the deal was.”
Last week, Prokhorov ended an agreement with an investment bank to help him with the sale of the team. One has to wonder if maybe Prokhorov’s asking price was too high, which led to minimal interest and now why only he’s selling a minority stake.