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Brooklyn Nets owner Mikhail Prokhorov confirmed Friday he’s attempting to sell a minority stake in the National Basketball Association franchise.
Prokhorov told Russian outlet R-Sport that “49 percent of the Brooklyn shares are up for sale” and “currently the process is going on and we are looking for a buyer,” according to the Associated Press.
The 51-year-old Russian billionaire became controlling owner of the New Jersey Nets in 2010 by purchasing an 80 percent stake in the organization before it moved to New York City. The Onexim Group, a private investment fund he founded, bought the remaining team shares in 2015.
Celebrity Net Worth estimates the value of the financial businessman’s holdings at $11 billion.
Forbes projected the Nets are worth $1.8 billion in its most recent valuation, which ranks them seventh in the NBA.
League sources told NetsDaily that “several prospective buyers” have reached out with potential interest since early in the 2016-17 campaign. Multiple hurdles remain, however, including the option to purchase controlling interest and whether a stake in the Barclays Center will be sold, too.
Meanwhile, the Nets have endured on-court struggles since Prokhorov took over. They’ve only made the playoffs three times in the past eight years and advanced beyond the first round just once, losing to the Miami Heat in the 2014 conference semifinals.
Brooklyn recently finished the 2016-17 season with a 20-62 record, four games worse than any other NBA team. In addition, the Boston Celtics own the right to swap first-round picks in the 2017 NBA draft with the Nets, an option they hope will turn into the first overall pick.
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