Mikhail Prokhorov bought 80% of the Nets in 2010. A couple years ago, he tried to sell his stake, but decided to keep it. Then, he bought 100% of the franchise and its arena. After last season, he said he was selling 49% of the team.
Brooklyn Nets owner Mikhail Prokhorov, while focused on selling a minority stake in the franchise, has warmed recently to the possibility of offering a controlling slice of the team, sources close to the situation said.
The change of heart comes after the initial reaction to the minority stake sale was weak — and with interest in the Houston Rockets sale heating up, one source said.
The Rockets’ sale could shake out potential Nets buyers, and Prokhorov selling a controlling stake could also help. It’d cost more money than the 49% he’s offering now, but people with the money to buy an NBA team tend to value control.
This might be a good time to sell for Prokhorov, who lost a ton of money as the team paid major luxury tax for an all-in championship pursuit that flopped spectacularly. The NBA’s popularity is rising, and the league is reaping huge revenue from its national-TV contracts.
However, he shouldn’t assume the Rockets’ sale price will predict the Nets’. Buyers might prefer a good team with James Harden and Chris Paul to a bad one short on young talent after years of mismanagement. At least Brooklyn’s payroll is now tolerably low.
The big loser here: Leslie Alexander, who’s trying to sell the Rockets. The supply of NBA teams now available might have just doubled, and unless there’s no overlap in demand for those franchises, that can only drive down Alexander’s eventual sale price.