Prokhorov shopping minority stake in the Nets to "local minority partner" to strengthen local ties. (We'll see.)
“I am beginning the search for a strategic minority ownership partner of the Brooklyn Nets. I have retained Steve Greenberg, Managing Director of Allen & Company, to assist me in this process. As I’ve said, I’m passionate about owning the Nets and our emerging sports and entertainment businesses, and will continue to look at growth opportunities. My goal in seeking a local minority partner is to further strengthen the team’s New York presence in order to expand upon our business and community relationships. I’m proud of the steps we’ve taken this year, including the opening of the world-class HSS Training Center and developing a new culture with GM Sean Marks and Head Coach Kenny Atkinson. I’m committed to the Nets and will remain the majority owner of the team.”Given that investors from around the country and world had expressed interest in the Nets, let's see if Prokhorov actually sells to a "local minority partner is to further strengthen the team’s New York presence in order to expand upon our business and community relationships" or, rather, takes the best offer.
Given that a year ago the team was valued , upon the sale of Forest City Enterprises' remaining 20% stake to Prokhorov, at $875 million, that suggests that he could get $400 million--though he'd still be paying off the equivalent of the $175 million he pledged for the Nets.