Building an NBA championship caliber team isn’t as easy as it looks. Want proof, look at the struggling Brooklyn Nets. Majority owner Mikhail Prokhorov is reportedly listening to offer for the franchise. Prokhorov purchased the franchise in 2010 and set a five-year plan to move the team to Brooklyn and win an NBA championship by 2015.
Well, in case you hadn’t realized, that season is upon us. Not only are the Nets not close, they are also losing money. In the 2013-2014 season, the franchise lost $144 million in basketball-related business. More than any other team in the league. By comparison, the second closest team only lost $13 million.
The Nets paid $197 million in salaries plus the luxury tax last season. Oh let’s not forget, Jason Kidd left the franchise after one season as head coach, and Paul Pierce is now with the Washington Wizards.
Couple all of that with the $2 billion sale of the Clippers and it’s not surprising to hear that Prokhorov is interested in selling. ESPN is reporting Mikhail has met with the Guggenheim Partners who own the Dodgers. We know they aren’t shy about ponying up the cash for a franchise in a great location with some potential on the roster.
Last June it was rumored that he was interested in listening to offers for the team. If he can get in the $1 billion range for the team, maybe he can turn a profit on his investment. He paid $223 million for the team initially.
