HoopsHype Mikhail Prokhorov rumors

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March 13, 2015 Updates

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.” RT

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." NetsDaily

March 11, 2015 Updates

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. ESPN.com

March 6, 2015 Updates

Mikhail D. Prokhorov, the billionaire owner of the Brooklyn Nets, and his sister Irina D. Prokhorova, have withdrawn from the leadership of Civic Platform, a move seen as protecting his business interests as the Kremlin soured on even mild critics.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.” New York Times

March 2, 2015 Updates

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). ESPN.com

A handful of potential suitors here and abroad are interested in making a play for the Brooklyn Nets as the auction for the NBA franchise gears up, The Post has learned. Chinese conglomerate Fosun and the Qatari government’s investment fund have signaled an interest in buying the pro basketball team from majority owner and Russian billionaire Mikhail Prokhorov. New York Post

Some believe delaying the Nets sale is Silver’s goal. The Atlanta Hawks also are for sale, with bids said to be around $900 million, and the NBA may not want prospective buyers to be split between the teams. China’s Fosun is also in the bidding for the Hawks, sources said. New York Post

Interest is also coming from music mogul David Geffen, who considered a bid for the LA Clippers last year before the NBA team was sold for a record $2 billion to former Microsoft chieftain Steve Ballmer. Even former Time Warner boss Dick Parsons, who was interim chief executive of the Clippers when the NBA forced then-owner Donald Sterling to sell the team, has eyed the Nets, sources said. New York Post

February 28, 2015 Updates
February 14, 2015 Updates

Mikhail Prokhorov is selling the Brooklyn Nets and if Philadelphia 76ers CEO Scott O'Neil is correct, the Russian tycoon is going to make an even bigger killing than people thought. O'Neil was a guest on Bloomberg Television's "Market Makers" when he was asked how much he thinks the Nets will sell for. "I think they go for $1.4, $1.5 billion," O'Neill answered. "[the exact amount] depends on what's included, what the lease looks like, how much of the arena you get. There is a whole bunch of different factors. But I would say, given the current set up, the current structure now, $1.5-ish [billion]." Yahoo! Finance

February 13, 2015 Updates

What is your opinion on Mikhail Prokhorov’s ownership of the Nets, presuming he does sell the team in the short-term as some expect, and would the league be interested in more foreign owners? Adam Silver: Yes, the league would always be open to more international owners. He’s been a great owner. I know he would have liked to have spent more time in Brooklyn, but the situation back in Russia, especially over the last year, hasn’t allowed him to travel as much as he hoped. He engaged in somewhat of a high-risk, high-reward strategy by becoming a large (luxury) taxpayer, but that’s permissible under our system. It took them into the second round of the playoffs last year, and I know his goal has been to win championships, so I’m sure he’s somewhat frustrated. But I know when you look at what he and Bruce Ratner have done in Brooklyn by successfully completing that building, by making the move from New Jersey, from that standpoint it’s been spectacular. As you and I know as New Yorkers, that arena is a permanent fixture of this community, and not only is there for basketball events but is practically full year round including the circus and concerts and other events, as well. So if he did decide to sell, I think he would be leaving an enormous legacy here in New York. New York Post

February 11, 2015 Updates

In a lengthy interview with Evan Roberts and Joe Benigno (mostly Evan), Adrian Wojnarowski said that he believes Billy King's job is safe as long as Mikhail Prokhorov owns the Nets. "I think he will continue to go forward here on the job," Woj said after a lengthy answer to a Roberts question about whether the Nets GM is on "the hot seat." "The way it's been told to me is he will continue there with this ownership group." NetsDaily

February 10, 2015 Updates
February 9, 2015 Updates

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