HoopsHype Mikhail Prokhorov rumors

October 2, 2014 Updates

The first source emphasized that Prokhorov would continue to control the team as "governor and controlling owner" of the team "for the foreseeable future." Prokhorov currently owns 80 percent of the team and 45 percent of the arena, with Ratner's Nets Sports & Entertainment owning the remaining share of the team and the majority share in the arena. NetsDaily

"Just listening so far," a league official with direct knowledge told Yahoo Sports. "They haven't indicated a desire or willingness to sell. …Nothing was initiated by [Prokhorov]." Yahoo! Sports

August 4, 2014 Updates

Brook Lopez and his brother spent the weekend in Moscow, visiting tourist sites, having lunch with the boss and even giving a clinic to the children of the US embassy. But Lopez made big news in Perm, far to the East, when he was asked about his foot. "It's great," he told a reporter for RBC, Mikhail Prokhorov's business TV channel. "I was fully cleared for play and everything a week and a half ago. It's great. Now its time to get back in shape." The video was edited and provided to NetsDaily by Alexander Chernykh of Rush'n Hoops, NetsDaily

July 14, 2014 Updates
June 30, 2014 Updates

That’s a valid concern. The basketball side of the Nets’ business is projected to have lost $144 million over the 2013-14 season, according to a confidential memo the league sent to all 30 teams in early June. (Grantland has reviewed and verified the memo with a half dozen sources.) If that strikes you as out of whack, that’s because it is. Grantland

The NBA expects nine teams will end up having lost money once luxury-tax distribution and revenue-sharing payments are finalized. The Nets, with that monster $144 million figure, are the biggest losers. Next in line? The Wizards, with projected losses of about $13 million. That’s right: The Nets lost $131 million more than any other NBA team last season. This is what happens when you pay $90 million in luxury tax for an aging roster and play in a market so large you are ineligible to receive any revenue-sharing help. Grantland

A source close to the situation confirmed that Kidd had met Friday with the Bucks in New York after the Nets granted permission. This after he went to a press conference the day before at which he thanked Nets ownership and said he was “honored” to coach a team with the “best facilities in the world.” Irina Pavlova, the president of Mikhail Prokhorov’s Onexim Sports, said she was excited about the job Kidd did last season and was happy to provide him a “worthy” practice facility in Brooklyn, one that will cost about $50 million. New York Daily News

Kidd's power play backfired. He certainly had Russians in his corner. That's in part how he got the coaching job with Brooklyn. Kidd's agent, Jeff Schwartz, sold the idea of his player-to-coach transition to Dmitry Razumov, who is not listed in the Nets' media guide but is a trusted adviser to owner Mikhail Prokhorov. King was against hiring Kidd, telling Sports Illustrated before the season that his initial reaction was, "Absolutely not." But Razumov had interest, and Kidd won King over in the interview. USA Today Sports

June 29, 2014 Updates
June 25, 2014 Updates

Brooklyn Nets owner Mikhail Prokhorov, with hopes of winning a $1 billion valuation for his team, has agreed to end his free-spending ways, The Post has learned. The 49-year-old Russian billionaire feared the red ink spilled by the team — in large part because of his history of deficit spending — would discourage some potential bidders from forking over enough cash for Bruce Ratner’s minority stake to gain the 10-figure value, sources said. New York Post

As for cost-cutting, how's that going to work. With only 10 players under contract, the Nets contractual commitments for next season stand at little less than $90 million and that doesn't include whatever free agents Paul Pierce and Shaun Livingston get. The chances of the Nets going into next season with another $100 million payroll seem high ... unless the Nets starting dumping salaries this week. That is unlikely in the extreme. The Nets have a chance, if they compete at a high level, to make further inroads in the Knicks fan base. That would add further value to the franchise. Do the Nets want to cut costs? No doubt, with a $50 million loss on their balance sheet. Will it affect the team? That's a different story. NetsDaily

Of course, there is one group that would benefit from the Post story: minority owner Bruce Ratner's Nets Sports and Entertainment. He has hired an investment banker to take bids on the 20 percent NSE owns in the team and in fact, the Post'sJosh Kosman, bases a lot of his reporting on comments from those who have seen the investment banker's pitch documents. NetsDaily

June 15, 2014 Updates

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