Brooklyn Nets Up for Sale

If you’re a diehard fan of the Brooklyn Nets and have a billion dollars or more to spare, you might have a shot at owning them. A report from Scott Soshnick of Bloomberg has announced that Mikhail Prokhorov has put the Nets up on the market, expecting a price of around of around $1.3 billion, a far cry from the $220 million he had spent on buying an 80% stake in the team in 2010.

“Russian billionaire Mikhail Prokhorov retained Evercore Partners (EVR) to sell the National Basketball Association team he bought in 2010, according to two people with direct knowledge of the matter. The people requested anonymity because the matter is private,” said the report, citing how Prokhorov had hired the services of a third party to find lucrative buyers. Fourth on the Forbes list of most valuable teams in the NBA, the Brooklyn Nets franchise, the value of the team was pegged at a whopping $780 million, making the price tag of $1.3 billion look like a credible one. After all, when Steve Ballmer bought the Los Angeles Clippers they were worth only $575 million and he had paid a pricey $2 billion for it.
The Nets may have had a shaky run this season, but that doesn’t take away their value in the open market. The team may not be at par with the Clippers in terms of performance and maybe that’s the reason the price Prokhorov is asking for isn’t in line with the calculations that held for the team from LA. Though the business tycoon has bills to pay, including the $144 million he lost in revenue last season, the money he is set to make will prove to be a grand yield.
We’ll have to see how this pans out!

Featured image via (AP Photo)