Report: Mikhail Prokhorov Cuts Firm Exploring Nets Sale

Mikhail Prokhorov answers questions Monday night.
Mikhail Prokhorov (AP)

Mikhail ProkhorovBrooklyn Nets owner Mikhail Prokhorov hasn’t found a buyer yet through investment bank Evercore Partners and has cut ties with the firm, according to an ESPN report.

His relationship with Evercore was first reported in January. Prokhorov reportedly hired the firm in order to seek out potential buyers of his majority stake in the Nets, and though a couple of names surfaced throughout the process, there was never any serious or public discussion about the next owner beyond speculation. Prokhorov released a statement through his spokesperson that “ownership is always open to listening to offers – that’s just good business.”

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Prokhorov owns 80 percent of the team and 45 percent of Barclays Center. It’s not clear if he’d sell only the stake of the team, or if he’d package his team stake with the arena stake. Prokhorov bought his stake in the team and arena for roughly $220 million in May 2010.

ESPN — Nets no longer for sale via firm