Report: Nets principal owner Prokhorov only looking to sell minority stake of team
The attempted sale of the Brooklyn Nets was reportedly a mess, and majority owner Mikhail Prokhorov only has himself to blame for it.
New details have emerged just days after a report surfaced saying that Prokhorov ended his agreement with investment bank Evercore Partners, whom he joined forces with in an effort to sell the team.
In reality, it was Evercore who ended the partnership after growing frustrated with Prokhorov, reports Mike Ozanian of Forbes. According to one of Ozanian's sources, there was very little outside interest in acquiring the Nets.
A lack of interest reportedly stems from Prokhorov's desire to sell only a minority stake of the franchise. Interest would reportedly heat up if Prokhorov put control of the Nets up for sale. The Russian billionaire owns 80 percent of the team and 45 percent of Barclays Center, the Nets' home arena.
Prokhorov bought the team in May 2010 for $200 million, but has since reportedly lost substantial money. Forbes has the Nets listed as the sixth-most valuable team in the NBA at a worth of $1.5 billion.