Mikhail Prokhorov Reportedly Hoped for $2 Billion Nets Sale

Tyler Conway@jtylerconwayFeatured ColumnistAugust 6, 2017

Brooklyn Nets owner Mikhail Prokhorov speaks during an NBA basketball news conference in New York, Monday, Jan. 11, 2016. The Nets reassigned their general manager and fired coach Lionel Hollins on Sunday in the midst of their worst season since moving from New Jersey. (AP Photo/Seth Wenig)
Seth Wenig/Associated Press

Brooklyn Nets owner Mikhail Prokhorov set a $2 billion price tag on the team when initially shopping it around to interested parties.

Josh Kosman of the New York Post reported "several" buyers have expressed interest, though no price has been agreed to nor is any sale believed to be imminent.

The Nets are reportedly looking for a Chinese buyer for the franchise. The Nets' executive vice president of global partnerships, Mike Zavodsky, reportedly had 20 meetings in China last month in hopes of gauging interest for a potential sale.

The Nets are one of two NBA franchises known to be available. Houston Rockets owner Leslie Alexander announced his intention to sell the franchise last month.

"I’ve made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches and management team in place," Alexander said in a statement. "CEO Tad Brown will oversee the sales process with the league office, supported by my management team.”

While the Nets lack basketball assets like James Harden or Chris Paul, their Brooklyn location and ownership stake in the Barclays Center makes them arguably just as attractive. Prices for all sports franchises have grown exponentially in recent years, with Steve Ballmer's purchase of the Los Angeles Clippers setting an NBA record of $2 billion.

There are a number of similarities between the sale of the Clippers and Nets. The New York Knicks' stranglehold on the New York City fanbase is similar to the Lakers' hold over Los Angeles. 

Forbes currently estimates the Nets' value at $1.8 billion, so the $2 billion price tag may not be far from what Prokhorov gets in the final sale. 

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