HoopsHype Mikhail Prokhorov rumors

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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
January 22, 2015 Updates

The Russian billionaire paid $365 million to purchase stakes in the team and arena in 2010, and it’s reasonable to wonder that if he can find someone who wants to buy the team for $1.5 billion, it might be hard for him to say no, even if high ranking sources in the organization continue to fight the idea he wants to sell his controlling stake while also acknowledging its not entirely out of the question. “Listen, if he gets a crazy offer, it might be hard for him to pass on that,” one high-ranking source told the Daily News. New York Daily News

January 21, 2015 Updates
January 15, 2015 Updates

Speaking in London Thursday during the NBA’s Global Games event, NBA Commissioner Adam Silver said that Nets principal owner Mikhail Prokhorov has been in touch with the league about the potential sale of the team. “He’s told us that there is nothing imminent,” Silver said. “He hasn’t determined that he is absolutely going to sell but he is listening to offers and that is an ongoing process.” Wall Street Journal

A Bloomberg report, citing two sources, said Russian billionaire Mikhail Prokhorov has retained Evercore Partners to sell the National Basketball Association team he bought in 2010 for $223 million. "As we have said for many months, ownership is always open to listening to offers – that’s just good business," Prokhorov spokeswoman Ellen Pinchuk said in an email to Reuters. "There is nothing imminent in terms of a sale of any stake in the team." Reuters

In short, I’d expect to see the Nets sell for between $1.5-2 billion…leaving our Russian billionaire with enough bills to lick the wounds from failing to deliver on his promise to net a championship in Brooklyn within his self-set 5-year timeline. Rather than a championship in Year 5, he’ll just walk away with a consolation prize of hundreds of millions of dollars (even after taxes) for no other reason than simply being fortunate enough to be in the right place (NBA owner at the helm as the team moves into one of the nicest facilities in the sport) at the right time (after the league triples their TV money and after Ballmer went $2 billion large for the Clippers). Forbes.com

January 13, 2015 Updates

The feeling in the NBA is Prokhorov will ultimately unload his entire 80 percent of the Nets, despite the denials. But there won’t be much movement until the sale of the Hawks, who are at the stage of touring potential buyers for a 100 percent sale. Further predictions on Prokhorov’s timeline require cracking the mysteries of an unavailable owner. New York Daily News

There are certainly reasons Prokhorov would want to sell the Nets, aside from not having the time to enjoy them. According to Ukranian-born Marlen Kruzhkov, a New York-based attorney and advisor to Russian oligarchs, it is “well-known that Prokhorov has a large chunk of Western debt due in the near future.” There were also estimations, according to Kruzkhov, that the global economic drop of December prompted Prokhorov to lose $400 million in just one day. New York Daily News

By selling the Nets, he'd obtain much-needed cash from an asset valuated for over $1 billion. “The Ruble went down 45 percent in 2014,” Kruzhkov told the Daily News. “What that means is the cost of servicing debt just went up 45 percent. So you’re making your money in Rubles, but you’re paying your debt in dollars. You’re losing a lot of money in the transfer. That, coupled with the (U.S.) sanctions that have cut off a lot of banks from creditors in the West, it’s forcing people to re-think their position in terms of which businesses do I keep versus which businesses do I sacrifice." New York Daily News

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