The Brooklyn Nets were supposed to compete for championships after scary Russian oligarch Mikhail Prokhorov purchased the team in May of 2010 with plans to move them to Brooklyn (where he also procured a 45 percent stake in the Barclays Center). Since then, the Nets have only managed to win a single playoff series while spending more than any other team in the NBA. According to a report from Bloomberg’s Scott Soshnick, Prokhorov has retained investment banking advisory firm Evercore Partners to help sell the team.
Here’s the news from Soshnick at Bloomberg:
The Brooklyn Nets are for sale.
Russian billionaire Mikhail Prokhorov retained Evercore Partners (EVR) to sell the National Basketball Association team he bought in 2010, according to two people with direct knowledge of the matter.
The people requested anonymity because the matter is private.
Despite the Bloomberg report, some have claimed there’s no change; while Prokhorov and his investors will look at available offers, they’re denying the veracity of the report.
Tim Bontemps of the New York Post concurs:
Nets CEO Brett Yormark, General Manager Billy King and chief communications officer Barry Baum are also denying the report that Prokhorov has put the team on the market, according to ESPN’s Chris Broussard:
But sources confirm to Howard Beck of Bleacher Report that Soshnick’s report is true and the faltering Russian economy is the reason:
“Multiple sources” have also confirmed Soshnick’s report to ESPN.com.
We’ve seen the Nets valued at between 1 billion and 1.8 billion, depending on who or what is doing the valuation. But like the Post’s Bontemps mentions, it’s unlikely the Nets are sold before the Hawks.