Brooklyn Nets owner Mikhail Prokhorov is looking to sell a minority stake in the team, the Russian billionaire said Wednesday.
In a statement issued by the team, Prokhorov said he retained Allen & Company to explore the sale.
"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," he said. "My goal in seeking a local minority partner is to further strengthen the team's New York presence in order to expand upon our business and community relationships."
The Russian billionaire bought 80 percent of the team and 45 percent of Barclays Center, where the team plays, in 2010.
When he bought the rest of the team and arena in December 2015 from Bruce Ratner, the team was valued at $875 million and the arena was valued at $825 million, inclusive of debt.
The values of NBA teams have skyrocketed thanks to a new television deal, which averages $2.66 billion a year, a 186 percent increase from the previous deal. There is potential for extended labor peace with the NBA and the National Basketball Players Association, who have the option to opt out of the current CBA in December, making progress toward an extension of the collective bargaining agreement.
Nets owner Mikhail Prokhorov looks to sell minority stake in team