Brooklyn Boro

Nets open to offers, but say no sale of the team is imminent

January 13, 2015 Associated Press
Reports say that Mikhail Prokhorov is looking to sell the Brooklyn Nets. AP Photo/John Minchillo, File
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Mikhail Prokhorov is still open to offers for the Brooklyn Nets, but a spokesperson for the Russian billionaire said Tuesday no sale is imminent.

“As we have said for many months, ownership is always open to listening to offers — that’s just good business,” Ellen Pinchuk said in a statement. “There is nothing imminent in terms of a sale of any stake in the team.”

That came in response to a report earlier Tuesday from Bloomberg News, citing two people with direct knowledge of the matter, that Prokhorov had retained Evercore Partners to sell the team.

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Prokhorov bought 80 percent of the team and 45 percent of Barclays Center in Brooklyn in 2010. He said earlier this season he was willing to listen to offers for a minority share of the club but wouldn’t sell his majority stake.

He had set a goal of winning a championship within five years, but the Nets have gotten nowhere close despite the NBA’s highest payroll. They are 16-22 this season, losers of six straight, a season after reported that the Nets’ basketball operations department lost $144 million.

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