Mikhail Prokhorov sets price tag for selling team at $2 billion
After seeing the Houston Rockets get sold for a record price of $2.2 billion to Tilman Fertitta earlier in the offseason, Brooklyn Nets owner Mikhail Prokhorov is also hoping he can find a buyer for his team for an amount close to that.
The Russian billionaire has apparently set a price of $2 billion for the franchise, according to Josh Kosman and Brian Lewis’ article for the New York Post. Prokhorov is also reportedly in talks with potential buyers of the franchise and is indeed pushing hard for that amount.
“Mikhail Prokhorov is in talks with multiple suitors to sell the Brooklyn Nets — and he’s pushing for an eye-popping price tag.”
“The Russian billionaire is demanding a valuation of around $2 billion for his money-losing NBA team — near the record-setting $2.2 billion price that the Houston Rockets fetched earlier this month, sources told The Post.”
Despite missing out on the playoffs the past two seasons, and currently in rebuild mode, the Brooklyn Nets could still be profitable as they represent a team from New York, obviously a major market, while having Jeremy Lin in their fold, which easily equates to a very strong following in the Asian region.
However, one thing that may get in the way for the franchise to get sold soon is Prokhorov planning to sell an initial minority stake instead, before turning over the majority control in three years time.
The Nets’ next owner may still be anyone’s guess at this point, but it also remains to be seen if there will be an individual or group of businessmen who will show enough interest in purchasing the franchise. With the lack of talent in the roster, and not owning a lot of top draft picks in the next couple of years, it may be very difficult to make an intriguing pitch to prospective buyers when it comes to basketball success, especially with the steep price tag attached to it.