Mikhail Prokhorov Insists He’s Not Selling the Brooklyn Nets

by April 09, 2015

For a while now, word on the street has been that Mikhail Prokhorov is looking to unload the Brooklyn Nets and cash in on his investment.

“Nyet” says the Nets’ owner, who spoke with local reporters Wednesday, and explained that he’s only ever been interested in selling off a minority stake in the franchise.

The 49-year-old Russian billionaire says he’s been too busy with business affairs back home to attend Nets games. He also gave a public vote of confidence to head coach Lionel Hollins and general manager Billy King.

Per The Record:

Since Prokhorov last visited Brooklyn there have been a slew of reports that he’s trying to sell his majority stake in the team. The Russian economy is in the midst crisis and Prokhorov’s massive net worth has taken a hit. But he denied that he’s trying to sell the team. [..] “I … never intended to sell the team and we have looked at selling only the minority stake,” Prokhorov said. “And for the time being there is nothing on the table, and that is the situation.”


Back in November, Prokhorov said he planned to come to 25 percent of the team’s home games — which would be about 10 games. But tonight is only his second visit to Brooklyn this season. Prokhorov’s reason? He’s been too busy in Russia, trying to keep his financial house in order. […] “Maybe you have heard, we have some volatile years in Russian economy, and Russian business,” Prokhorov said. “So we have, sanctions were imposed, and these sanctions, they have created some … opportunities and some challenges for businessmen in Russia, and I needed to be more handling in managing my business and my assets, so it was very busy. [….] Now, everything is under control,” Prokhorov continued. “That’s why I hope to see you more in the playoffs.”


Prokhorov, however, said he’s committed to sinking more money into this team if need be. […] “We need a championship team, and I’m very committed to continue to do all the best for the team,” Prokhorov said. “This is my perception. And if we need to pay a little bit more than any other teams, it’s not an obstacle.” […] “My goal is the same and I am very committed to the team,” Prokhorov continued. “I’ll do my best in order just to find the opportunity to reach our common goal. If you analyze a championship team, 20% of it’s draft picks and 80% of it’s trades. So now we have young talent and I’m sure our front office is good enough and have a great eye to find some talent in order to improve our team if we need it.”