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Prokhorov Hires Allen & Co. to Sell Minority Stake in Nets
Russian billionaire Mikhail Prokhorov said heís hired Allen & Co. to find a local minority investor for the National Basketball Associationís Brooklyn Nets.
Prokhorov in a statement didnít say how much of the team heís looking to sell.
ďMy goal in seeking a local minority partner is to further strengthen the teamís New York presence in order to expand upon our business and community relationships,Ē he said. ďIím committed to the Nets and will remain the majority owner of the team.Ē
About a year ago, Prokhorov consolidated ownership of the team and its arena, Barclays Center in Brooklyn, New York. The purchase from Bruce Ratnerís Forest City Enterprises Inc. valued the team at $875 million and the arena at $825 million, including debt.
In 2010, Prokhorovís Onexim Sports & Entertainment paid $223 million for an 80 percent share of the team and a 45 percent share of the arena.