Mikhail Prokhorov sells 100% stake in NBA club Brooklyn Nets

Mikhail Prokhorov sells 100% stake in NBA club Brooklyn Nets
Mikhail Prokhorov

The Russian entrepreneur intends to raise ten times more on the basketball club bought for $ 223 million eight years ago.⁠

Russian billionaire Mikhail Prokhorov intends to get rid of his controlling stake in the basketball club Brooklyn Nets, which plays in the Atlantic Division of the NBA Eastern Conference, The New York Post reports.

With reference to two independent sources, the edition notes that without finding a buyer for a minority stake in the unprofitable club (previously it was reported that Prokhorov sold a 49% stake in Brooklyn Nets), the Russian businessman decided to put up for sale the entire package owned by him.

Sources say that Prokhorov agrees first to sell a potential buyer a minority stake, but will give him the right to purchase the entire shareholding within three years. At the same time, the businessman does not intend to sell the home arena of the Barclays Center club.

The newspaper also notes that Prokhorov expects to get at least $2 billion for Brooklyn Nets, referring to the example recently sold for $2.2 billion by another NBA club, the Houston Rockets. And despite the solid value, people become interested in buying a club. In particular, the edition mentions certain unnamed financiers from Wall Street, as well as Vice President of Chinese company Alibaba Joe Tsai, despite the fact that his official representatives deny this information.

Recall that the Russian oligarch acquired 80% of the club New Jersey Nets for $223 million in 2009. In 2012, the club moved from New Jersey to New York and changed its name to Brooklyn Nets, and three years later Prokhorov increased his stake in the asset to 100%. It is worth noting that in the last season Brooklyn Nets was recognized as the worst club of the NBA, which won only 20 of the 82 matches of the regular championship.

Tags: Oligarchs
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