Brooklyn Nets owner Prokhorov says he's selling 49pc stake

MOSCOW - (AP) -- Brooklyn Nets owner Mikhail Prokhorov has told Russian media he's selling a 49 percent stake in the NBA club.

The Russian billionaire announced his intention to sell a minority stake in December, and now says "49 percent of the Brooklyn shares are up for sale," in comments reported by R-Sport.

He adds that "currently the process is going on and we are looking for a buyer."

Prokhorov took an 80 percent stake in the then-New Jersey Nets in 2010, moved the team to Brooklyn in 2012, and took full ownership in 2015.

Brooklyn went 20-62 this season, which was the worst record in the NBA and its third consecutive season below .500.

The Nets last made the playoffs in 2015, losing to the Atlanta Hawks in the first round.

advertisement | advertise on News 12

Trending Video

VIDEO: Amazon announces new NJ centers 1 VIDEO: Amazon announces new NJ centers
2 Police investigating overnight shooting in Paterson
South Brunswick's Mohammed Sanu from the Falcons is 3 Falcons, Patriots coaches guest coach at Rutgers' spring game
Eric Schneider is today's Scholar Athlete. 4 Scholar Athlete - Eric Schneider
5 VIDEO: Extended interview with Sen. Cory Booker & Gov. Chris Christie

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE