Brooklyn Nets Owner Prokhorov Says He's Selling 49 Percent Stake
MOSCOW (CBSNewYork/AP) — Brooklyn Nets owner Mikhail Prokhorov has told Russian media he's selling a 49 percent stake in the NBA club.
The Russian billionaire announced his intention to sell a minority stake in December, and now says "49 percent of the Brooklyn shares are up for sale," in comments reported by R-Sport.
He adds that "currently the process is going on, and we are looking for a buyer."
Prokhorov took an 80 percent stake in the then-New Jersey Nets in 2010, moved the team to Brooklyn in 2012, and took full ownership in 2015.
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"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," Prokhorov said in a statement in December. "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."
Brooklyn went 20-62 this season, which was the worst record in the NBA and its third consecutive season below .500.
The Nets last made the playoffs in 2015, losing to the Atlanta Hawks in the first round.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
