• Prokhorov looking to sell Nets – reports

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    NEW YORK: Russian billionaire Mikhail Prokhorov is in talks to sell all or part of the Brooklyn Nets, the NBA club he purchased in 2009, US media reported Thursday (Friday in Manila).

    Sports Illustrated’s Chris Mannix said that Prokhorov was seeking to “cash out” on his investment, after purchasing a controlling interest in the then-New Jersey Nets for $200 million.

    The club’s $1 billion state-of-the-art Barclays Center arena opened in Brooklyn in 2012, but Sports Illustrated, citing unnamed sources, said Prokhorov seemed ready to claim a return on his investment.

    He may have been spurred by the sale earlier this year of the Los Angeles Clippers for $2 billion to former Microsoft chief executive Steve Ballmer.

    Prokhorov, who made his fortune in banking and the metal industry, is reportedly talking to the Guggenheim group, owners of the Los Angeles Dodgers.

    Former Los Angeles Lakers legend Magic Johnson is a minority investor in the Dodgers, but is apparently not involved in the Nets discussions.

    Prokhorov took over the Nets promising an NBA title within five years. The Nets reached the second round of the playoffs last season, but after that campaign head coach Jason Kidd opted to jump ship and join the Milwaukee Bucks.

    AFP

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