According to a Bloomberg News report confirmed by ESPN last night, Brooklyn Nets team owner Mikhail Prokhorov has hired a firm to sell his controlling stake in the franchise. ESPN also confirmed a Bleacher Report story citing a slump in the Russian economy as part of Prokhorov’s motivation to sell off. According to ESPN, Nets officials initially denied the Bloomberg report. The Russian billionaire purchased 80 per cent of the team in 2010 for $223 million. As is often the case in situations like this, no price tag has been formally announced. 

 

This is the second NBA team to find itself on the auction block in recent weeks. The investors behind the Atlanta Hawks announced the sale of the team earlier this month.