Nets owner now reportedly looking for a complete sale of the Nets…
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Mikhail Prokhorov is reportedly looking to sell the Brooklyn Nets after initial suggestions that he was open to selling part of the franchise.
Initial reports on Thursday claimed that the wealthy Russian businessman was involved in talks with the Guggenheim Sports and Entertainment Assets group about a possible sale of part of the team and the Barclays Center.
However, things have progressed and it is now suggested that he is indicating that he wants to complete a straight sale and cash out of the franchise, as reported by Chris Mannix of Sports Illustrated.
While Prokhorov has generally handed decision-making to general manager Billy King since buying the Nets in 2010, he will undoubtedly have been disappointed by the team’s failure last year.
After bringing in the likes of Kevin Garnett and Paul Pierce to work with Deron Williams, Brook Lopez and Joe Johnson, the Nets failed to go beyond the second round of the playoffs.
Pierce and Coach Jason Kidd have since moved on, and there is a sense of change around the franchise as they look to rebuild with Lionel Hollins and put together a significant push in the Eastern Conference in the coming season.
Nevertheless, after seeing Steve Ballmer purchase the Los Angeles Clippers for a record $2 billion earlier this year, Prokhorov is undoubtedly curious as to how much return he can get on his original $200m venture.
Coupled with the forthcoming TV rights deal which will throw more money into the league, it is expected that several other franchise owners may well start to look at the situation and whether or not financially there are offers too good to turn down.
Meanwhile, the Guggenheim group are also the owners of the Los Angeles Dodgers and the source has claimed that Magic Johnson, a minority investor in the team, is not involved in the Nets sale.