Report: The Brooklyn Nets Are for Sale

Brooklyn Nets owner Mikhail Prokhorov speaks to the media before a game between the Brooklyn Nets and Oklahoma City Thunder at the Barclays Center on November 3, 2014 in the Brooklyn borough of New York City.
Mikhail Prokhorov.Photo: Alex Goodlett/Getty Images

There’s been talk for some time that Nets owner Mikhail Prokhorov could be looking to sell at least a piece of his stake in the team, but he’s reportedly taken a step toward selling the whole thing. Via Bloomberg, Prokhorov has retained Evercore Partners to sell the Nets, but not his 45 percent stake in Barclays Center. Prokhorov owns 80 percent of the franchise, which is worth $1.3 billion according to one valuation, but could sell for even more, considering the $2 billion Steve Ballmer paid for the Los Angeles Clippers last year.

Prokhorov paid $200 million for the then–New Jersey Nets in 2010, becoming the first NBA owner from outside North America. Since then, though, franchise values have skyrocketed, and the team moved into its new Brooklyn digs. Says a Prokhorov spokesman to Nets Daily: “As we have said for many months, ownership is always open to listening to offers – that’s just good business. There is nothing imminent in terms of a sale of any stake in the team.”