Mikhail Prokhorov, a wealthy Russian, seems set to sell his stake of the Brooklyn Nets. The question is, according to SBNation, will there be a buyer? Even if Prokhorov drops the price to $1.2 billion, there doesn’t seem to be anybody who will buy the team for that amount. Prokhorov seems to be under pressure because of sanctions against Russia to divest before he has to sell the team for a smaller amount. In addition, his involvement in Russian politics might have hastened the desire to sell.
It seems the Russian rich guy wants to eat his cake and have it too. Even if he sells his stake, he told the NBA he wants to have some control over the team. What complicates matters is that Bruce Ratner also wants to sell his 55% stake in the Nets. Everyone is waiting, though, to see how much the Atlanta Hawks get for their sale of the team. Many think it will be in the neighborhood of $800 million to $1 billion. Until then, the future of the Brooklyn Nets seems to hang in the balance.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
