Mikhail Prokhorov Calls Off Deal With Bank To Sell The Brooklyn Nets


I’m guessing Brooklyn Nets owner Mikhail Prokhorov was looking for a $2 Billion price tag to sell his team. The Russian billionaire has reportedly called off his agreement with an investment bank to sell the the team because he hasn’t received a big offer.

Since last spring when Steve Ballmer purchased the LA Clippers for $2 billion, Prokhorov has been intrigued with the thought of doing the same with the Nets.

Darren Rovell of ESPN:

Brooklyn Nets owner Mikhail Prokhorov has ended his agreement with investment bank Evercore Partners, who he hired to explore a sale of the team, banking sources told ESPN.com on Tuesday.

“Nothing has happened and they’ve been talking about it (in the media) for a year,” Nets CEO Brett Yormark said last week on a panel in Manhattan. “So I’d probably say I don’t think anything is going to happen. We have an ownership group that is very committed.”

Prokhorov purchased 80% of the team in 2011. He also owns 45% of the Nets home arena, the Barclays Center.