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After NBA commissioner Adam Silver confirmed Joe Tsai’s deal to buy 49 percent of the Nets, team owner Mikhail Prokhorov said the e-commerce billionaire will be a fantastic partner and a boon for the entire league. “Just we are finishing the deal. I think Joe is a great partner and will help the game and help the NBA,” Prokhorov told The Post after watching his Nets pull out a come-from-behind 103-98 victory Tuesday night over the Wizards at Barclays Center.
Joseph Tsai, the executive vice chairman and co-founder of Chinese e-commerce goliath Alibaba, has reached an agreement in principle to purchase a 49 percent minority stake in the Brooklyn Nets that includes the option to acquire controlling interest of the NBA franchise in several years, league sources told ESPN.
The purchase price will be based upon a $2.3 billion valuation of the team, league sources said.
Mikhail Prokhorov is in talks with multiple suitors to sell the Brooklyn Nets — and he’s pushing for an eye-popping price tag. The Russian billionaire is demanding a valuation of around $2 billion for his money-losing NBA team — near the record-setting $2.2 billion price that the Houston Rockets fetched earlier this month, sources told The Post.
Nets Daily: Hearing that negotiations for sale of minority stake in Nets are active. Don’t know if imminent or who’s interested just that talks active.
Russian billionaire Mikhail Prokhorov is getting closer to selling the Brooklyn Nets, sources told The Post.
There are multiple suitors late in the process to buy a 49-percent stake in the struggling NBA team, along with the right to buy a larger stake and become the controlling owner in three years, sources told The Post. The sale does not include Brooklyn’s Barclays Center.
Despite a league-low payroll, the Nets lost $44.3 million last year, according to confidential league documents obtained by ESPN’s Zach Lowe. That’s the league’s second biggest loss, behind only the Pistons who lost $45.1 million. The Pistons’ losses were actually much greater. The Nets did not receive revenue-sharing money from the league and their profits from Barclays Center are not included in the analysis. The Pistons, on the other hand, lost $63.2 million before collecting revenue sharing last season, “the largest loss by a wide margin,” Lowe notes. Detroit doesn’t own its own arena, unlike the Nets.
The Nets, said the league source, have never made money in Brooklyn and didn’t make money their last years in New Jersey under Bruce Ratner and before that under the late Lewis Katz and Raymond Chambers. Ratner, in fact, ran up record debts financing the Nets losses. When he sold the team in 2010 to Mikhail Prokhorov, the team had $200 million debt, nearly identical to the team’s value at the time. Lowe notes that the materials he obtained did not discuss the profit-and-loss picture for teams like the Nets who own their own arena.
Brooklyn Nets owner Mikhail Prokhorov, while focused on selling a minority stake in the franchise, has warmed recently to the possibility of offering a controlling slice of the team, sources close to the situation said. The change of heart comes after the initial reaction to the minority stake sale was weak — and with interest in the Houston Rockets sale heating up, one source said. The Nets believe some of the suitors who look at the Rockets will also take an interest in them, sources said. “As word gets out about the new Nets process, some of the Rockets interest may spill over,” a source said.
Brooklyn Nets owner Mikhail Prokhorov has told Russian media he’s selling a 49 percent stake in the NBA club. The Russian billionaire announced his intention to sell a minority stake in December, and now says “49 percent of the Brooklyn shares are up for sale,” in comments reported by R-Sport.
Ohm Youngmisuk: Mikhail Prokhorov reiterated he will remain majority owner of the Nets and said he is actively searching for a minority ownership partner to “strengthen” the team’s presence in New York. “I’m passionate about owning the Nets and our emerging sports and entertainment businesses, and will continue to look at growth opportunities,” Prokhorov said in a statement. “… I’m proud of the steps we’ve taken this year, including the opening of the world-class HSS Training Center and developing a new culture with GM Sean Marks and Head Coach Kenny Atkinson. I’m committed to the Nets and will remain the majority owner of the team.”
According to a Nets insider, the Russian oligarch would like to sell up to 49 percent of the Nets, but NOT the other assets held by Brooklyn Sports & Entertainment: Barclays Center, Nassau Coliseum, and the Brooklyn Paramount Theater. There’s no indication that Prokhorov has set any deadline for a sale or who might be interested.
Scott Soshnick: BREAKING: @BrooklynNets hire Allen & Co.’s Steve Greenberg to find local minority investor #sportsbiz #NBA
Mikhail Prokhorov’s Moscow-based spokesperson, Ellen Pinchuk, has reiterated the Nets owner’s position that he intends to hang on the team. “He has no plans to sell the team.” Pinchuk told the Post’s Page Six.
Other league sources say that both Prokhorov and his CEO, Dmitry Razumov, remain convinced they can turn the team around. Rumors of his intention to sell have risen and fallen over the last year. Prokhorov has said he’s willing to sell a piece of the team and arena, but there’s no indication of any active discussions. Prokhorov bought the remaining share of the team (20 percent) and Barclays Center (55 percent) as well as an 85 percent share in Nassau Coliseum from Bruce Ratner just before Christmas.
Chris Mannix: Prokhorov says he has “no ideas to sell” the Nets. Says he is happy being 100% owner of the team. Says he has had offers for the team.
Tim Bontemps: Prokhorov: “I take full responsibility for the state of the team.”
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February 22, 2018 | 9:29 am EST Update
Shams Charania: Sources: The Hawks plan to sign guard Antonius Cleveland to a 10-day contract. Cleveland went to training camp with Golden State and spent time with Dallas in regular season.
An outdoor amphitheater on Capitol Mall. Autonomous vehicles shuttling tourists from Sacramento International Airport to Golden 1 Center. A waterfront festival along the Port of Sacramento accommodating hundreds of people staying on luxury cruise ships. Sacramento’s bid to host the NBA All-Star Game in 2022 or 2023 is a mix of high-tech flash and outside-the-box concepts aimed at bolstering a proposal seen by many as a long shot. The bid, revealed to The Sacramento Bee late Wednesday, will be formally introduced Thursday at a press conference outside Golden 1 Center and delivered to the NBA the following day. The bid package will include virtual reality tours of event spaces and testimonials from team officials, local political leaders and former Kings legends.
Another topic at the first practice back was the prime topic in the country right now: Gun control. In the wake of the latest massacre in Florida, some high schoolers who survived the shooting have spoken out loudly about the issue, drumming up more conversation and potential change than at any other point. Kerr, who is passionate about the issue, was asked about the ongoing dialogue. “I think it’s phenomenal,” Kerr said. “What those kids are doing is heroic, it’s heartfelt and I think it’s the beginning of some change. I really believe that. I’m amazed every time I see on TV or online, it’s heartbreaking but inspiring all at once.
“I feel very encouraged. We’ve got a generation that’s grown up with these school shootings and mass shootings and they’re fed up. Historically, it’s a young generation that has to initiate change. You think about the Vietnam war. “All the old white guys who kept sending the troops over to fight this ridiculous war, it was all the young people who protested, had to make change, communicate. It’s the young people in the country now who are going to create the change we need in terms of how we handle gun violence and how we do our best to curb it. It’s amazing to watch.”
February 22, 2018 | 5:06 am EST Update
He also mentioned talking with Philadelphia 76ers center Joel Embiid, although that conversation didn’t have as much depth to it. “He told me I should trust the process and come play for Philly,” Antetokounmpo said with a chuckle, drawing a laugh. “That was my reaction — I just laughed.”