Latest Updates on Mikhail Prokhorov's Reported Interest in Selling Brooklyn Nets

Updates from Thursday, Oct. 9

Josh Kosman of the New York Post has an update on the reported talks: 

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The parent companies of the LA Dodgers and the Brooklyn Nets will not be getting hitched after all, The Post has learned.

Although the two sides held talks recently, they have broken down and are unlikely to begin again, sources tell The Post.

“Guggenheim doesn’t have money,” a source close to the situation said. “Will a deal ever happen? Probably no.”

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Updates from Saturday, Oct. 4

Bob Nightengale and Jeff Ziglitt of USA Today Dodgers controlling owner (and head of the Guggenheim group) Mark Walter's thoughts on the reports:

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Los Angeles Dodgers controlling owner Mark Walter confirmed his Guggenheim group is interested in acquiring a piece of the Brooklyn Nets.

"We're going ahead hopefully. I haven't seen any numbers on it. I think it's a great franchise," Walter said. "I haven't heard that it is signed.''

"

Mitch Abramson of the New York Daily News reports that Prokhorov may not be trying to sell the team, after all: 

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A source close to Nets owner Mikhail Prokhorov screamed “Nyet!” on whether the Russian billionaire would surrender majority control of the team in Brooklyn.

“He’s not a seller,” the source familiar with Prokhorov’s thinking told the Daily News on Friday. “He wants the Nets and he loves the Nets and he wants to be controlling owner. This is something that he really enjoys.”

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So, if he's not selling, why is he meeting with the Guggenheim group? Abramson explains:

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The source said Prokhorov held the meeting to look into ways to expand his sports and entertainment portfolio, which, along with the Nets, includes Barclays Center, Nassau Coliseum and the sales and marketing operations of the Islanders.

The source said that any deal that is made with another group would be a “merger and not a sale” and that nothing is imminent.

"

Original Text

Just a few years into his tenure as owner of the Brooklyn Nets, Russian businessman Mikhail Prokhorov may be ready to move on.

According to Ohm Youngmisuk and Darren Rovell of ESPN.com, Prokhorov has been in discussions with Guggenheim Partners to potentially sell the franchise.

Per Chris Mannix of Sports Illustrated, Prokhorov would be interested in a complete sale of the team rather than simply giving up a majority stake:

After purchasing the New Jersey Nets in 2010, Prokhorov moved them to Brooklyn and helped the organization develop into a valuable enterprise. According to Mannix, the Russian billionaire is in line to make a big profit:

With that said, it remains to be seen what type of price tag Prokhorov will attach to the team. Per Rovell, it could be difficult for him to receive full value:

Few are privy to all the facts and inner workings of the potential negotiations right now, and that includes the players. According to Roderick Boone of Newsday, Nets star point guard Deron Williams is simply focused on succeeding on the court, regardless of what happens with ownership.

"It's been great," Williams said. "You don't see Mr. Prokhorov much, but when we do, it's been great. He's been great for this organization. I don't know what's going on as far as that's concerned, but my job as a player is to come out and play."

The Nets have qualified for the playoffs in each of the past two seasons, and they are looking to make some noise this year in what could be a wide-open Eastern Conference aside from the Cleveland Cavaliers, who seem to be a lock for a top seed with their notable offseason additions.

It is difficult to say if ownership uncertainty could be a distraction, but the Nets have enough talent to be contenders in their conference regardless.

Even if Prokhorov's tenure as owner of the franchise is cut short, there is no question that his contributions will be remembered, as he has managed to make the Nets a popular and modern brand.

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