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Nets owner Mikhail Prokhorov has hired Evercore Partners to sell the Nets, sources told Bloomberg News.
Prokhorov is the principal owner of the Nets after purchasing the team in 2010. The Russian billionaire has not been afraid to spend during his tenure. During the 2013-14 season, the Nets lost an estimated $144 million in basketball-related business, according to Grantland.com.
The Los Angeles Clippers were the last NBA team to be sold, which Steve Ballmer purchased for $2 billion in 2014.
Despite the reported hire of the agency to explore selling the team, a spokerperson for Prokhorov said there is nothing imminent in terms of a sale, reports ESPN.com.
Categories: Oligarchs, Billionaires, Money, Money, Money