Scott Soshnick of Bloomberg News reports that Nets owner Mikhail Prokhorov has retained investment adviser Evercore Partners to sell his share of the Nets. Evercore previously --and without success-- has tried to sell Bruce Ratner's minority stake in the team. Other publications, notably the New York Times and Wall Street Journal, as well as ESPN later confirmed the Bloomberg report ... at least to the extent that the Nets principal owner has engaged an investment adviser to test the waters.
The Brooklyn Nets are for sale.
The people requested anonymity because the matter is private.
Ellen Pinchuk,, longtime Moscow-based spokesperson for Prokhorov, told NetsDaily...
As we have said for many months, ownership is always open to listening to offers – that’s just good business. There is nothing imminent in terms of a sale of any stake in the team.
Later, in talking to the Times, she expanded on those comments.
"That’s his approach," Pinchuk told Richard Sandomir. "But nothing is imminent and nothing is in the works."
She added that Prokhorov recognized "that the value of the team has increased many times since he bought it."
"And he’s a businessman," Pinchuk said. "But beyond that, nothing has changed from our point of view."
Two team insiders told NetsDaily, "old story." But Sandomir added that Prokhorov was "actively" seeking bids.
Alex Raskin of the Wall Street Journal reported the process began at the end of last year...
A person with direct knowledge of the Nets’ sales process confirmed that bankers at Evercore Partners , working on behalf of Prokhorov, began calling potential suitors late in 2014 to inform them that the team and the arena were on the market.
The Post's Tim Bontemps and Josh Kosman were the only reporters to suggest names of prospective owners.
In the past, said one insider, David Geffen, the music and movie mogul, was reportedly interested in the team.
Prokhorov, who owns 80 percent of the Nets and 45 percent of Barclays Center, has reportedly been interested in selling part of the team and arena to capitalize on the dramatic increase in value for both NBA teams and arenas, particularly in light of the $550 million sale of the Bucks in 2013 and the $2 billion sale of the Clippers last year. Neither ownership group had any interest in the teams' arena.
The difference, according to Bloomberg, is that the Russian owners would be willing to sell control of the team rather than part of it. A sale of the entire team, with control, would likely fetch a greater valuation than a share without control.
This summer, Prokhorov and Ratner were in talks with members of Guggenheim Partners, owners of the Dodgers, for a "combination of assets." In early October, a source familiar with those talks told NetsDaily that Prokhorov would continue to control the team as "governor and controlling owner" of the team "for the foreseeable future." That deal reportedly fell apart because the Nets owners were unwilling to take on more debt.
By some estimates, the combined value of Prokhorov's stakes could top $2 billion.
- Prokhorov Said to Explore Sale of Brooklyn Nets Basketball Team - Scott Soshnick - Bloomberg News
- Mikhail Prokhorov Is Said to Be Seeking Potential Buyers for Nets - Richard Sandomir - New York Times
- Owner Mikhail Prokhorov decides to sell Brooklyn Nets - ESPN
- Prokhorov Looking For Quick Profit With Nets' Sale? (Video) - Amin Elhassan - ESPN
- Nets Owner Mikhail Prokhorov Is Looking to Sell the Team - Alex Raskin - Wall Street Journal
- Mikhail Prokhorov considering selling Brooklyn Nets, report says - Neil Best - Newsday
- Despite report, Nets continue to deny Prokhorov is selling - Stefan Bondy, Mitch Abramson - NY Daily News
- Report: Mikhail Prokhorov looking to sell the Brooklyn Nets - Kelly Dwyer - Yahoo! Sports
- Nets open to offers, but say no sale of the team is imminent - AP
- Mikhail Prokhorov's unfulfilling reign with Nets may be nearing end - Ken Berger - CBS Sports
- NBA's Nets Confirm Entertaining Sale Offers, Say 'Nothing Imminent' - Reuters
- Nets for sale: Bidding for Prokhorov’s team could top $2B - Josh Kosman & Tim Bontemps - New York Post
- Nets owner Mikhail Prokhorov is selling the franchise, report says - Charles Curtis - NJ.com
- Report: Mikhail Prokhorov Puts Nets Up For Sale - Devin Kharpertian - The Brooklyn Game
- Brooklyn Nets are for sale - Brian Erni - SNY Nets
- Mikhail Prokhorov looking to sell Brooklyn Nets, according to report - Jason Pratt - SB Nation
- Nets ownership denies sale of team "imminent," which is what you expect them to say - Kurt Helin - NBC Sports
- NBA's Nets confirm entertaining sale offers, say 'nothing imminent' - Reuters
- Mikhail Prokhorov Selling Team: Brooklyn Nets Are Up For Sale, Barclays Center Is Not - Thomas Barrabi - International Business Times
- Report: Mikhail Prokhorov Is Trying To Sell The Nets - Tom Ley - Deadspin
- Prokhorov said to be exploring sale of valuable but unprofitable Nets (or is it more for Ratner?) - Norman Oder - Atlantic Yards/Pacific Park Report