Report: Mikhail Prokhorov becomes sole owner of Nets
Mikhail Prokhorov didn't always own 100 percent of the Brooklyn Nets. Now, those days are over. Welcome to full ownership.
From Sports News 1:
Now that Prokhorov is sole owner of the team, he would be able to sell it off whenever he pleases, and even if the Nets were to somehow go down in value at any point, he'd still be making an outrageous amount of profit on the team.
Prokhorov paid only $200 million for the team back in 2010. That was just five years ago. It's amazing how different the pre and post-lockout world are, isn't it?
With better-run company-wide economics and with a record-setting television contract already signed and set to kick in next season, NBA teams are worth more now than they ever have. So, if Prokhorov ever sold for that $1.9 billion estimated value of the franchise, He's make 9.5 times what he originally paid for the team. That's not the worst business investment anyone's ever made.
According to Bloomberg Business, the league has given its blessing to a proposed deal in which Prokhorov, who currently owns 80% of the team and 45% of the arena, would purchase the remaining stakes from Forest City Enterprises. The Bloomberg report didn’t specify the price paid by Prokhorov’s company, Onexim Sports and Entertainment, but said the transfer would value the team and arena at $ 1.9 billion.
