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Mikhail Prokhorov to sell minority share of Nets but will remain majority owner

Brooklyn Nets owner Mikhail Prokhorov speaks during a

Brooklyn Nets owner Mikhail Prokhorov speaks during a press conference to open the Brooklyn Nets' new Hospital for Special Surgery Training Center in Brooklyn on Wednesday, Feb. 17, 2016. Photo Credit: Kathleen Malone-Van Dyke

Nets majority owner Mikhail Prokhorov on Wednesday issued a statement announcing his intention to sell a minority share of the team to a local investor. Prokhorov pledged to remain as majority owner.

According to the announcement, the club has retained Steve Greenberg, managing director of Allen & Company, to conduct the search for a minority partner. “As I’ve said, I’m passionate about owning the Nets and our emerging sports and entertainment businesses and will continue to look at growth opportunities,” Prokhorov said in the statement.

“My goal in seeking a local minority partner is to further strengthen the team’s New York presence in order to expand our business and community relationships . . . I’m committed to the Nets and will remain the majority owner of the team.”

Prokhorov also said he’s proud of the team’s new HSS Training Center in the Industry City section of Brooklyn, and he lauded the work of general manager Sean Marks and coach Kenny Atkinson in “developing a new culture.”

Only a minority stake in the team is for sale. Prokhorov retains control of Brooklyn Sports & Entertainment, which owns Barclays Center and the Paramount Theater in Brooklyn, and manages the new Nassau Coliseum. Brooklyn Sports & Entertainment is working to expand the entertainment side of the business.

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