Rumors are flying about owner Mikhail Prokhorov’s intentions of selling the Brooklyn Nets. Those rumors might be true after Prokhorov said he hoped he could sell the Nets for $2 billion, according to the New York Post.
The Post also reported that Alibaba Executive Vice Chairman Joe Tsai has expressed interest in purchasing the Brooklyn Nets, according to a source. However, the Blue Pool, representatives for his family, have denied the claim.
Earlier rumors suggested that the Nets wanted to find a Chinese buyer. Just last month, Nets’ executive Vice President of global partnerships Mike Zavodsky was in China to take 20 meetings. The meetings could have been to gauge interest for a potential sale.
The $2 billion price mark might not be so far fetched. Just three years ago, former Microsoft CEO Steve Ballmer bought the Los Angeles Clippers for the same amount.
Brooklyn is selling a majority stake in the team. While Prokhorov tried selling a minority stake, there was no interest. It will be interesting to see if he tries to sell a minority stake in the team after a majority stake is sold.
With Prokhorov gone, the Nets management will have lost one of the last pieces from its New Jersey days. He was a major part of the move to Brooklyn seven years ago.
The Nets are not the only team on the market. The Houston Rockets are also undergoing the process. According to reports, Beyonce is interested in purchasing her hometown team.
While the Nets do not have the superstars that the Rockets have, they are still an attractive buy. The majority owner would not only receive an NBA franchise in one of the biggest cities in the United States, but they would also get a stake in the Barclays Center. It also does not hurt that the Nets are the seventh-highest valued franchise in the league, according to Fox Sports.