Report: Russian Billionaire Mikhail Prokhorov Is Selling The Brooklyn Nets

Report: Russian Billionaire Mikhail Prokhorov Is Selling The Brooklyn Nets

Business Insider

Brooklyn Nets owner Mikhail Prokhorov is selling the team, according to Scott Soshnick of Bloomberg.

The Russian billionaire bought the franchise in 2010 for $200 million and presided over its move to Brooklyn.

Forbes now values the team at $780 million.

Prokhorov spent a ton of money trying to build a championship contender during the last five years. The team lost $144 million in 2013-14, according to Grantland, largely due to the astronomical $90 million they were forced to pay in luxury tax as a result of going over the salary cap.

He has made infrequent appearances at Barclays Center over in recent years, and there have been rumors that he's looking to sell for months.



view Business Insider