Brooklyn Nets owner Mikhail Prokhorov is looking for a minority partner in an attempt to improve local ties to New York City.
The Russian billionaire explained his strategy Wednesday, per Darren Rovell of ESPN.com:
As I've said, I'm passionate about owning the Nets and our emerging sports and entertainment businesses, and will continue to look at growth opportunities. My goal in seeking a local minority partner is to further strengthen the team's New York presence in order to expand upon our business and community relationships.
Prokhorov first became the team's majority owner in 2010 but saw his stake rise from 80 percent to 100 percent in 2015. As Rovell noted, the team was valued at $875 million at the time of full purchase, while the Barclays Center, which he bought as well, was worth $825 million.
According to Forbes, Prokhorov spent $365 million on his first purchase in 2010 for a sports team now worth $1.7 billion, ranked No. 7 among NBA franchises.
The 51-year-old owner himself is worth $8.5 billion, according to Forbes.
Despite the increase in value and his own personal worth, Prokhorov has been ...
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Article written by Rob Goldberg
Mikhail Prokhorov Announces He Is Looking to Sell Minority Stake in Nets
November 30th, 2016 by Rob Goldberg Leave a reply »
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