Nets owner Mikhail Prokhorov reportedly open to selling majority share in team
Brooklyn Nets owner Mikhail Prokhorov made it known last year that he is looking to sell a minority stake of the team. However, with news surfacing that the Houston Rockets may sell for as much as $2 billion, the Russian billionaire is now apparently open to the idea of selling his majority share of the franchise, according to Josh Kosman and Brian Lewis of The New York Post.
“Brooklyn Nets owner Mikhail Prokhorov, while focused on selling a minority stake in the franchise, has warmed recently to the possibility of offering a controlling slice of the team, sources close to the situation said.”
“The change of heart comes after the initial reaction to the minority stake sale was weak — and with interest in the Houston Rockets sale heating up, one source said.”
Despite having the worst record in the league last season, the franchise has drastically improved its finances, especially after earnings from their Chinese market. Their sales in merchandise has increased dramatically in the last year, following their acquisition of Jeremy Lin. There could be investors from China that may emerge as possible buyers of the team, knowing that the Nets’ popularity in their home country is rising even more.
The NBA’s Finance Committee had previously approved Prokhorov’s proposal to split the corporate ownership of his team, but he will still be the majority owner with a 51 percent stake. That may change soon though.