Sections

The Nets are for sale

The Brooklyn Paper
Share on TwitterTweet
Share on Facebook
Subscribe

Don’t miss our updates:

The Nets’ Russian oligarch owner is looking to unload the team.

Reputed billionaire Mikhail Prokhorov has hired an international investment bank to shop around Brooklyn’s home team, Bloomberg News reported on Tuesday. A rep for the former Russian presidential candidate confirmed that the team is for sale, but claimed that is nothing new.

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

One expert said that there are going to be a lot of takers.

“If this comes to the market, everybody and his brother would be looking at this thing,” said Sal Galatioto, whose firm Galatioto Sports Partners has been involved as an advisor in the sales of several professional basketball teams. “It’s Brooklyn, it’s Barclays, there’s sizzle. Not just people from the New York metro area would be interested but wealthy people throughout the United States and across the world.”

Bloomberg’s anonymously sourced report stated that Prokhorov wants to sell his 80 percent stake and has retained the firm Evercore Partners to broker a deal.

A representative of Evercore declined to comment on the matter as did Nets spokesman Barry Baum, who deferred to Pinchuk’s statement.

Prokhorov dropped more than $200 million in 2010 to buy his majority stake in the team and 45 percent of ownership of Barclays Center. Given the $2 billion sale of the Los Angeles Clippers in August amid the fallout over owner Donald Sterling’s racist rants, commentators have speculated that Prokhorov could walk away with a healthy profit despite the Nets’ lackluster on-court record.

One source with knowledge of the industry but not the specific deal said Prokhorov could be pulling up stakes in Brooklyn because of the tanking Russian economy, which has been hit hard in recent months by plummeting oil prices and sanctions levied in response to Russia’s support for separatist rebels in eastern Ukraine.

Prokhorov is not selling his stake in Barclays Center, according to Bloomberg.

Updated 12:02 am, December 25, 2015
Reach reporter Noah Hurowitz at nhurowitz@cnglocal.com or by calling (718) 260–4505. Follow him on Twitter @noahhurowitz
Today’s news:
Share on TwitterTweet
Share on Facebook
Subscribe

Don’t miss our updates:

Reasonable discourse

Tal Barzilai from Pleasantville, NY says:
I thought Prokhorov considered it an honor to own the Nets. Then again, times do bring change. Once again, it's shown that the move to Brooklyn doesn't make the team very successful, and all I can say is "Don't look at me, I was against this idea."
Jan. 14, 2015, 3:29 pm
Charles from Bklyn says:
The Atlantic Yard development continues it's course as a private benefit on the backs of the public. Thanks again to all those politicians who made this project an un-Constitutional disaster.
Jan. 15, 2015, 10:54 am

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not BrooklynPaper.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynPaper.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

First name
Last name
Your neighborhood
Email address
Daytime phone

Your letter must be signed and include all of the information requested above. (Only your name and neighborhood are published with the letter.) Letters should be as brief as possible; while they may discuss any topic of interest to our readers, priority will be given to letters that relate to stories covered by The Brooklyn Paper.

Letters will be edited at the sole discretion of the editor, may be published in whole or part in any media, and upon publication become the property of The Brooklyn Paper. The earlier in the week you send your letter, the better.

Don’t miss out!

Stay in touch with the stories people are talking about in your neighborhood:

Optional: Help us tailor our newsletters to you!