Mikhail Prokhorov Rumors
Does Mikhail Prokhorov really want to keep this team? That has been the steady insistence from Prokhorov in recent weeks and months. He keeps saying he is only willing to sell off a minority stake in the team … up to 49 percent. Around the league, mind you, skepticism persists.
Yet there are also persistent rumbles in league circles that the real reason the Nets aren’t being actively shopped to potential bidders is the structure of the deal Prokhorov struck to buy the team mandates he sell Barclays Center in conjunction with his basketball team. Word is the entities can’t be sold separately, which is said to have chilled the market due to the complexities involved in such a transaction and the significant price tag it would carry.
Mikhail Prokhorov has said he never wanted to sell a majority interest in the team. “I never intended to sell the team and have looked at selling only the minority stake,” he said on April 8, noting there have been “approximately” 10 offers for his shares. “And for the time being there is nothing on the table. . . . If somebody wants to send me any kind of proposal, why not? Just to have a look. But we’re only speaking about minority stakes in the team.”
While his Nets battle in the playoffs, Mikhail Prokhorov will celebrate his 50th birthday over a wild weekend. The oligarch’s birthday is Sunday, and sources tell Page Six the Russian billionaire will throw a three-day bash at a new house he’s built in Turkey, where guests will include an endless supply of models. “They are being paid,” said a source. “Some have been offered $20,000 to attend a three-day party.” Guests will meet in Moscow and then fly privately to Milas–Bodrum Airport. His rep didn’t respond.
Tim Bontemps: Mikhail Prokhorov is in attendance for today’s game, I’m told, as he said he would be when he was here a few weeks ago.
Now, as we gear up for another round, I just wanted to wish the whole Brooklyn Nets community a wonderful playoffs. Let’s show the very best we are capable of and enjoy every minute of this great sport. As the genius legend Yogi Berra said, “You give 100 percent in the first half of the game, and, if that isn’t enough, in the second half you give what’s left.”
Jack Devine, a retired CIA official and private investigator, writes in his new book, “Good Hunting” about how the NBA had him investigate Mikhail Prokhorov in 2009-10. The vetting included checking whether the Nets prospective owner had ties to the Russian mob. Devine said his team found none after “extensive research,” and informed David Stern of same.
But the most interesting portions of Prokhorov’s Wednesday night press conference came when he was asked directly if he would still be willing to pay the luxury tax for next season — which, if the Nets do so, would make them the first NBA team to pay the “repeater tax” rate instituted in the most recent collective bargaining agreement. “We need a championship team, and I’m very committed to continue to do all the best for the team,” Prokhorov said. “This is my perception. “And if we need to pay a little bit more than any other teams, it’s not an obstacle.”
Nets Daily: How well are #Nets doing? League source tells ND that Mikhail Prokhorov will be in town Wednesday (Hawks) and Friday (Wizards).
The sale of the Brooklyn Nets has stalled because Mikhail Prokhorov is trying get a $3 billion valuation for the team and Barclays Center while keeping a controlling interest in the NBA team. The Russian billionaire controls 80% of the team and 45% of the arena while Bruce Ratner controls 20% and 55%, respectively. Prokhorov wants to keep 51% of the Nets after any sale. Prokhorov’s terms have been confirmed by two sources who did not want to be mentioned because they do not have permission to speak about the deal discussion publicly. Three weeks ago I wrote that people were telling me Prokhorov only wanted to sell a minority interest. But at that time I wasn’t sure of the valuation he was seeking or the percent ownership he wanted to maintain.
The founder of the pro-business party Civil Platform, billionaire Mikhail Prokhorov, has announced that he is quitting the project and suggested that his former comrades decide whether to rename or liquidate it. The announcement was made at the Friday session of the Civil Platform’s consultative body – the Federal Civil Committee – that was called in connection with the growing schism in the party. The latter happened after many Civil Platform activists, including senior party officials, took part in the so-called “Anti-Maidan March” in Moscow – an event held in late February in which over 40,000 people expressed their support for Russian authorities and President Vladimir Putin, and protested against any attempts at regime change in the country by means of so-called “color revolutions.”
Michael Ozanian, the Forbes sports business writer, says that the Nets ownership only wants to sell a minority interest in the Nets and that has created confusion among those interested in the team. In fact, Ozanian reports that it was his investment banker who dumped Mikhail Prokhorov, not the other way around. Ozanian writes… The main problem is that Prokhorov has not committed to selling a majority of the Nets and no one is apparently crazy enough to pay big money for a minority stake in a money-losing team. Such a deal would mean the new investor would have no say in how the Nets are run but would likely have to make cash payments to make up for the team’s red ink. As one banker who traded candor for anonymity put it, “No one knew what the deal was.”
Brooklyn Nets owner Mikhail Prokhorov has ended his agreement with investment bank Evercore Partners, who he hired to explore a sale of the team, banking sources told ESPN.com on Tuesday. Prokhorov, who owns 80 percent of the team and 45 percent of Barclays Center, hired the bank in January to take offers on the heels of Steve Ballmer’s $2 billion purchase of the Los Angeles Clippers. But in recent days, the idea that the team would be sold in the very-near future didn’t seem likely.
Steve Kyler: Those same sources peg the Hawks sale as hovering around $900 million, a touch below the $1b expected
Steve Kyler: League sources suspected that the Nets sale was going to be based on a $1b plus sale of the Hawks – which doesn’t seem likely at this point
Mikhail D. Prokhorov, the billionaire owner of the Brooklyn Nets, and his sister Irina D. Prokhorova, have withdrawn from the leadership of Civic Platform, a move seen as protecting his business interests as the Kremlin soured on even mild critics. Liberals could probably overcome their stigma and attract about 15 percent of the voters nationally, analysts say, but first, they have to build a platform that emphasizes a kind of “patriotic liberalism.”
Other majority team owners who made this top 400 richest included Brooklyn Nets owner Mikhail Prokhorov (No. 125, $9.9 billion), Chelsea FC owner Roman Abramovich (No. 137, $9.1 billion), Miami Heat owner Micky Arison (No. 191, $7.1 billion), Miami Dolphins owner Stephen Ross (No. 216, $6.5 billion), St. Louis Rams, Denver Nuggets, Colorado Avalanche and Arsenal owner Stan Kroenke (No. 225, $6.3 billion), Orlando Magic owner Rich DeVos (No. 259, $5.7 billion), Detroit Tigers and Red Wings owner Michael Ilitch (No. 330, $4.8 billion), Jacksonville Jaguars and Fulham FC owner Shahid Khan (No. 330, $4.8 billion), Washington Nationals owner Ted Lerner (No. 330, $4.8 billion), the New York Knicks and Rangers owners, the Dolans (No. 381, $4.3 billion), New England Patriots and Revolution owner Robert Kraft (No. 381, $4.3 billion) and Dallas Cowboys owner Jerry Jones ($4.2 billion).