Mikhail Prokhorov Announces He Is Looking to Sell Minority Stake in Nets

Brooklyn Nets owner Mikhail Prokhorov is looking for a minority partner in an attempt to improve local ties to New York City.

The Russian billionaire explained his strategy Wednesday, per Darren Rovell of ESPN.com:

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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.

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Prokhorov first became the team's majority owner in 2010 but saw his stake rise from 80 percent to 100 percent in 2015. As Rovell noted, the team was valued at $875 million at the time of full purchase, while the Barclays Center, which he bought as well, was worth $825 million.

According to Forbes, Prokhorov spent $365 million on his first purchase in 2010 for a sports team now worth $1.7 billion, ranked No. 7 among NBA franchises.

The 51-year-old owner himself is worth $8.5 billion, according to Forbes.

Despite the increase in value and his own personal worth, Prokhorov has been open to selling a portion of the team for some time. Even before finalizing the buyout of former owner Bruce Ratner, he noted a willingness to sell up to 49 percent of his stake in the franchise.

He is clearly not looking to go beyond this point, noting Wednesday, "I'm committed to the Nets and will remain the majority owner of the team," per Brian Lewis of the New York Post.

The Nets have had four losing seasons in the six full years since Prokhorov took over, going through six different coaches since 2010.