Latest posts by Sam Amico (see all)
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Russian billionaire and Brooklyn Nets owner Mikhail Prokhorov may be open to selling controlling interest in the team, according to a report from the New York Post.
Houston Rockets owner Leslie Alexander put his team up for sale last week, and according to the Post, the Nets think “some of the suitors who look at the Rockets will also take an interest in them.”
The report added, “One source of investment cash, from wealthy Chinese investors, is of particular interest to both the Rockets and the Nets.”
Prokhorov has had controlling interest of the Nets since 2010. He reportedly intended to sell a minority stake in the franchise, supposedly up to 49 percent, but found no takers.
As the Post noted, the Nets lost about $150 million three years ago, but thanks to a deal with the YES network and a reduced payroll, the franchise has steadied financially.
“In recent days, Prokhorov got approval from the NBA Finance Committee to split the corporate ownership of the Nets and Barclays Center,” the newspaper reported. “That will make it easier to sell the team — as this season the Nets for the first time since moving to Brooklyn in 2012 may turn a profit.”