HoopsHype Mikhail Prokhorov rumors

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
June 14, 2014 Updates

With the rising value of the Nets, brought on in part by the astronomical sale price of the Los Angeles Clippers, Mikhail Prokhorov is trying to gauge the price tag for his team, reports Adrian Wojnarowski. But Prokhorov in a statement to NetsDaily Saturday evening stated, "We have no interest in selling the team." NetsDaily

In the wake of the Los Angeles Clippers selling for a league-record $2 billion, Russian billionaire Mikhail Prokhorov has been open to overtures from potential buyers for the Brooklyn Nets, league sources told Yahoo Sports. "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

Part of Prokhorov's willingness to listen has come out of his company's curiosity of how much his ownership share of the Nets and the Barclays Center could fetch on the market, league sources said. After the Sterling Family Trust sold the Clippers for $2 billion to Steve Ballmer, Prokhorov and his associates believe the combination of the Nets and Barclays Center major market location could net in the neighborhood of the Clippers sale, sources said. Less than five years ago, Prokhorov bought the Nets and a percentage of Barclays Center for $223 million. Prokhorov owns 80 percent of the Nets and 45 percent of the Barclays. Beginning in the 2015-16 season, the NHL's New York Islanders also will move into the arena. Yahoo! Sports

May 29, 2014 Updates
May 27, 2014 Updates

The Nets will soon unveil their plans for a practice facility in Brooklyn's Industry City, a $45 million rehab of the top two floors of a 100-year-old industrial warehouse, complete with spectacular views of Lower Manhattan. Irina Pavlova, president of ONEXIM Sports and Mikhail Prokhorov's representative in New York, heads up the project, working with David Carlock, a member of the Barclays Center board of directors and an arena consultant. NetsDaily

May 21, 2014 Updates
April 24, 2014 Updates
April 16, 2014 Updates
March 26, 2014 Updates

Nets owner Mikhail Prokhorov said Monday he's planning to transfer ownership of the team to one of his companies in Russia — a move that would be unprecedented in major American professional sports. But Tuesday, the Prokhorov-controlled company that runs the Nets said such a move might never happen. "This is a long process, which may or may not come to fruition, and nothing is imminent," Prokhorov's U.S.-based Onexim Sports and Entertainment said in a statement Tuesday. "Of course, no steps in this direction could or would be taken without the full knowledge and approval of the NBA." Bergen Record

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