Nets news: Brooklyn owner Mikhail Prokhorov reportedly plans to eventually sell team
It’s no secret that a minority stake in the Brooklyn Nets franchise has been up for takers since last year. It hasn’t been successful so far, and now, it’s being reported that owner Mikhail Prokhorov may opt to sell the controlling stake instead.
According to Josh Kosman of the New York Post, the 52-year-old may decide to sell the Nets in a unique way by first giving up the minority shares before eventually handing over the entire team after a few years.
“The Russian billionaire, unable to sell a minority stake in the money-losing NBA franchise, now plans to off-load a controlling stake in the team, two sources close to the situation told The Post.”
“However, Prokhorov is hoping to sell the Nets in a two-part process, the sources said. First, the 52-year-old will look to sell a minority piece of the team — but give the buyer the right to buy the entire team in a short period of time — say three years, the sources said.”
“There will be a new owner in the next few years,” one of the sources said.
Following Tilman Fertitta’s the purchase of the Houston Rockets for a record price of $2.2 billion, Prokhorov could be looking at selling the team for an amount close to it. Despite the Nets’ lack of success the past seasons, part of their appeal stems from the fact that the franchise still has a huge market following in Asia due to Jeremy Lin.
It still remains to be seen if Mikhail Prokhorov would push through with these plans or not, and if there will be individuals or a group that would emerge as potential buyers. For now, he can only hope that the Nets surprise many this coming season and perform better than expected, as it would definitely increase its value in case of a looming sale.