Mikhail Prokhorov to sell minority share in Nets, will remain majority owner

(AP Photo/Seth Wenig)
(AP Photo/Seth Wenig)
(AP Photo/Seth Wenig)

Mikhail Prokhorov to sell minority share in Nets, will remain majority owner

Mikhail Prokhorov, the Brooklyn Nets’ owner, has retained Allen & Co. in order to sell a minority share of the franchise, reports Darren Rovell of ESPN and many other New York-based outlets. As our friends at NetsDaily reported, importantly, Prokhorov intends to just sell a portion and will remain the Nets’ majority owner.

The Nets’ new long-term approach has gone over well with both fans and ownership, who were disappointed after the trade for Paul Pierce and Kevin Garnett ultimately amounted to very little in their post-New Jersey move. Now with Kenny Atkinson, Sean Marks, and the culture-building pieces in place, Prokhorov looks to continue growing the brand in other areas as well.

In a statement released by Prokhorov, the billionaire owner is still committed to the Nets — the Barclays Center and other facilities included — moving forward — the statement reads:

“I am beginning the search for a strategic minority ownership partner of the Brooklyn Nets. I have retained Steve Greenberg, Managing Director of Allen & Company, to assist me in this process. As I’ve said, I’m passionate about owning the Nets and our emerging sports and entertainment businesses, and will continue to look at growth opportunities. My goal in seeking a local minority partner is to further strengthen the team’s New York presence in order to expand upon our business and community relationships. I’m proud of the steps we’ve taken this year, including the opening of the world-class HSS Training Center and developing a new culture with GM Sean Marks and Head Coach Kenny Atkinson. I’m committed to the Nets and will remain the majority owner of the team.”

So, to recap:

1. The Nets are looking to strengthen their New York ties
2. Prokhorov is proud of the new long-term approach
3. He’ll remain the majority owner

Once again, this just affirms the great Nets-ism that there is never truly a dull moment with this franchise — even after a season-defining victory in double overtime!

NetsDaily // Alex Raskin

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