Mikhail Prokhorov Ready To Throw In Towel On Nets

Now entering year five, the Brooklyn Nets owner reportedly has no interest in remaining with the organization, and hopes to sell the team as soon as possible.

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When Mikhail Prokhorov originally purchased the majority share of the Brooklyn Nets back in 2010, he envisioned a team that would dominate the Atlantic division and Eastern Conference for years to come.

Instead, his dream evolved into an absolute nightmare, stuck with a franchise that has yet to move past the 2nd round of the playoffs, and a highly overpaid roster that’s consumed much of their potential cap space.

Now entering year five of his ownership, Prokhorov reportedly has no interest in remaining with the organization, and is hoping to sell the team as soon as possible, according to Scott Soshnick of Bloomberg News.

Soshnick also reported that Prohorov has hired Evercore Partners, an American based company that specializes in investment advisory, to help assist in the sale of the basketball club.

"[via ESPN]Prokhorov has reportedly retained Evercore Partners to sell the franchise he acquired majority ownership of in May 2010 for $223 million.“As we have said for many months, ownership is always open to listening to offers — that’s just good business,” a spokesperson for Prokhorov said in a statement. “There is nothing imminent in terms of a sale of any stake in the team.”"

This isn’t the first time rumors have popped up about Prokhorov’s interest in selling the Nets, as he was said to have fielded several offers for the team in the past, but never actually went through with a deal.

The Russian billionaire’s relatively short tenure as Nets owner has been highlighted by his willingness to spend big bucks to get the team wins. Some of his most notable transactions were trading for and then later re-signing PG Deron Williams and trading for SG Joe Johnson, SG Jason Terry, SF Paul Pierce, and PF Kevin Garnett. Since coming over to Brooklyn, Williams and Johnson have appeared in three total All-Star games.

Sources indicate that Prokhorov’s desire to sell the team stems from surging net losses. Last year alone, the team lost $144 Million, roughly $131 Million more than the next highest team.

He purchased the team just after their historically bad 2009-10 campaign that saw the Nets go 12-70. Since Prokhorov took over at the helm of the former New Jersey Nets, the team has compiled a 139-173 record in four full seasons (one of which was shortened by the lockout).

Thus far, the Brooklyn Nets hold a 16-22 record and rank second in the struggling Atlantic Division.

Meanwhile, the Atlanta Hawks are also in the process of selling their franchise, after co-owner Bruce Levenson self-reported himself for an “inappropriate and offensive email” geared towards African American fans.

Nicholas Hughes also contributed to this article

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