Mikhail Prokhorov Rumors
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 is ready for a long goodbye. The Russian billionaire, unable to sell a minority stake in the money-losing NBA franchise, now plans to off-load a controlling stake in the team, two sources close to the situation told The Post.
However, Prokhorov is hoping to sell the Nets in a two-part process, the sources said. First, the 52-year-old will look to sell a minority piece of the team — but give the buyer the right to buy the entire team in a short period of time — say three years, the sources said. “There will be a new owner in the next few years,” one of the sources said.
The Nets believe they can attract a selling price of at least $2 billion, especially after Tilman Fertitta agreed to buy the Rockets for $2.2 billion, sources said. The Rockets are profitable, however, and the Nets next season are still expected to lose money. There are interested buyers, including Wall Street types, who have been doing due diligence on the team, sources said.