The Brooklyn Nets are on the market.
Team owner Mikhail Prokhorov announced Tuesday that he would begin exploring selling his ownership shares less than five years after he first purchased the team to begin with.
Prokhorov has retained the firm Evercore Partners to aid him in the transaction, according to Bloomberg.
The decision to sell the Nets comes after Prokhorov, a Russian oligarch, lost a significant amount of money in his home country thanks to the ever-weakening ruble. However, selling the team will recoup some serious cash on his part -- one need look no further for the $2 billion-plus dollars that Microsoft CEO Steve Ballmer paid in order to take control of the Los Angeles Clippers last year.
Not surprised by Prokhorov exploring sale, per @soshnick. Said he’d win a title in 5 years. May is 5 years & no hope on horizon.
— Darren Rovell (@darrenrovell) January 13, 2015
So I guess Prokhorov's five-year plan was actually a countdown clock to his departure. — David Vertsberger (@_Verts) January 13, 2015
Prok is a smart business man. Bought low, built the brand, and now selling high.
— Daniel (@benchwarmerdan) January 13, 2015
If the Nets get the same mark-up over their Forbes valuation that the Clippers did, sale price would be ~$2.54 billion. — Jared Dubin (@JADubin5) January 13, 2015
Mikhail is not selling because of the ruble's decline in value...wait, it lost how much? Ok, maybe.
— netw3rk (@netw3rk) January 13, 2015
Prokhorov’s only selling his 80% stakes in the Nets, not his 45% stake in the Barclays Center, which is even more lucrative. — Matt O'Brien (@ObsoleteDogma) January 13, 2015
Prokhorov thought $12 Lime-a-ritas were gonna make up for the falling ruble
— Desus Nice (@desusnice) January 13, 2015
Prokhorov was probably out on the NBA the moment that pick he traded for Gerald Wallace turned into Damian Lillard — Ricky O'Donnell (@SBN_Ricky) January 13, 2015
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