Support The Moscow Times!

Prokhorov to Put Brooklyn Nets on Market – Reports

Brooklyn Nets forward Joe Johnson (7) tries to get between Boston Celtics guard Phil Pressey (26) and forward Jeff Green (8) during the second quarter at TD Garden.

Brooklyn Nets owner Mikhail Prokhorov is selling the basketball franchise, Bloomberg reported Tuesday, citing two anonymous sources.

The sources told Bloomberg that the Russian billionaire, who has spent months denying speculation that he would sell the National Basketball Association team he bought for $223 million in 2010, has retained the Evercore Partners advisory firm to sell his 80 percent stake in the team.

"As we have been saying for many months, team ownership is open to listening to offers," the news agency cited a spokeswoman for Prokhorov as saying. "There is nothing imminent in terms of the sale of any stake in the team."

Valuations expert Peter Schwartz told Bloomberg that the team — which the Grantland sports news website estimates lost $144 million in 2013-14 — is worth around $1.3 billion.

Despite having the NBA's largest payroll, the Nets have lost 22 games out of 28 so far this season, according to the NBA website.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.