Mikhail

Prokhorov

Prokhorov told Russian media that “currently the process is going on and we are looking for a buyer.”

Prokhorov had originally planned on selling just a 49 percent stake in the franchise but apparently has now decided to part with the team entirely. According to the Post, “the eventual sale of 100 percent of the team has become the primary goal.” After the Rockets recently sold for $2.2 billion, Prokhorov believes he can get at least $2 billion.

“The latest is that in the next two weeks we could hear an announcement that [Prokhorov is] actually buying 100 percent of the franchise, buying the Barclays Center, going all in,” said Bucher. Now that Prokhorov has made a series of cost saving moves, he’s reportedly more interested in going “all in” with the Nets, but doing so in a more financially responsible manner.

The rumor around the league is that Prokhorov can’t sell the team without selling the arena and the belief around the league is that has scared off potential buyers. Prokhorov has insisted that he is still committed to the Nets, but the prevailing thought is that he would unload the team for the right price. While this situation is largely shrouded is mystery, it doesn’t seem like a sale of the team is imminent.

The report says that Prokhorov ended his agreement with Evercore Partners, the investment bank that he hired to facilitate the sale of the team, and it now appears that the Nets will not be sold anytime soon. Prokhorov owns 80 percent of the Nets and 45 percent of the Barclays Center, but one has to wonder if he wasn’t happy about what his franchise was valued at after seeing the Clippers sell for a stunning $2 Billion. Prokhorov promised a championship within five years, but this is his fifth season and the Nets are slowly fading away from playoff contention in a weak Eastern Conference.

The Nets are going to need some bodies on the wing and they should have a rookie-packed summer league roster. The Nets and owner Mikhail Prokhorov are going to try and bring their luxury tax down a bit, and the $1.9 million is a drop in the bucket compared to last year. As always, cash rules everything around Mikhail.

Prokhorov is eager to earn a $1 billion valuation by selling the minority stake for at least $200 million, but potential bidders may be scared away by the team’s recent financial losses. His aim is to keep Brooklyn under the luxury-tax line beginning in 2015-16, thereby avoiding massive tax penalties. The Russian oligarch has even offered to cover more than his share of the Nets’ financial losses, which were around $50 million last season.

Wow. They have to pay $90 million in luxury tax and are not going to get much help in revenue sharing because they are in a big market. By comparison, the Wizards were next-to-last in net loss at $13 million. Obviously Mikail Prokorov has enough money to foot the bill, but that has to sting.

Prokhorov is reportedly close to buying the 55 percent of the arena and the 20 percent of the team that he doesn’t already own from Bruce Ratner’s Forest City Enterprises. While this move would seemingly put an end to rumors that Prokhorov is looking to sell the team, the consolidation of assets could also fast-track a sale. Stay tuned.

“Some of you have noticed a shift in our approach. You’ll see a team that is younger and more athletic this season,” Prokhorov said. “Our approach has been more strategic. We are making all necessary moves to be set up well for the future.” The Nets are starting to head in the right direction by waiving Deron Williams and signing Brook Lopez and Thaddeus Young to long-term contracts, but it looks like they are willing to be more patient with the rebuilding process in the future.