As first reported by Bloomberg News' Scott Soshnick, Brooklyn Nets majority owner Mikhail Prokhorov has hired the firm of Evercore to sell his controlling stake in the team. Minorty owner Bruce Ratner hired Evercore to sell his 20% stake, yet no deal has been struck as of yet.
The Nets have struggled this year, with a current record of 16-22. They are on their fourth coach since moving from New Jersey three seasons ago. They currently have the highest payroll in the NBA at $91,218,121.
If you think there was little chance of the Hawks relocating from Atlanta, there is even less of a chance of the Nets leaving Brooklyn. The team has found a fan base there and is playing in a shiny, new $1 billion arena, of which Prokhorov plans to retain his 45% stake.
Bloomberg's Peter Schwartz estimates the value of the team at $1.3 billion.
Again, this most likely means nothing for us, but we felt it necessary to report on.