After several years of complaining about losing money, NBA owners are now rejoicing at the worth of their franchises. The Milwaukee Bucks are considered the least valuable team in the league and they were sold for a surprising $550 million in May. The Los Angeles Clippers deal isn’t completed yet but they have a $2 billion offer from former Microsoft CEO Steve Ballmer on the table. The increase in worth of the teams has several owners wondering what their franchise is worth and even considering offers. One particular owner is Brooklyn Nets billionaire, Mikhail Prokhorov.
via Yahoo Sports:
In the wake of the Los Angeles Clippers selling for a league-record $2 billion, Russian billionaire Mikhail Prokhorov has been open to overtures from potential buyers for the Brooklyn Nets, league sources told Yahoo Sports.
“Just listening so far,” a league official with direct knowledge told Yahoo Sports. “They haven’t indicated a desire or willingness to sell. …Nothing was initiated by [Prokhorov].”
Prokhorov is worth a reported $11 billion but he’s put a ton of money into the Nets already. He owns 80% of the team and bought his share for $223 million. He also owns 40% of the Barclays Center, the swanky new arena he moved the Nets to. Prokhorov spent a record breaking $190 million on the Nets 2013-14 roster including salary and luxury tax.
He has however made the team much more profitable since the move and upgrades and with them being in New York, the largest market, they should fetch around $2 billion as well (less than the Knicks). But right now, he’s just listening.
– Shaina Auxilly (@Shay_Marie)
