Report: Russian Billionaire Mikhail Prokhorov Is Selling The Brooklyn Nets

Brooklyn Nets owner Mikhail Prokhorov is selling the team, according to Scott Soshnick of Bloomberg.

The Russian billionaire bought the franchise in 2010 for $US200 million and presided over its move to Brooklyn.

Forbes now values the team at $US780 million.

Prokhorov spent a ton of money trying to build a championship contender over the past five years. The team lost $US144 million in 2013-14, according to Grantland, largely because of the astronomical $US90 million it was forced to pay in luxury tax as a result of going over the salary cap.

He has made infrequent appearances at Barclays Center over in recent years, and there have been rumours that he’s looking to sell for months.

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