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Nets' Prokhorov Seeks Minority Investor For Team, Pledges To Maintain Majority Stake

Nets Owner Mikhail Prokhorov yesterday issued a statement announcing his intention to "sell a minority share of the team to a local investor," but "remain as majority owner," according to Greg Logan of NEWSDAY. The club has retained Allen & Co. Managing Dir Steve Greenberg to "conduct the search for a minority partner." Prokhorov in his statement said he is "seeking a local minority partner." Logan notes Prokhorov "retains control of Brooklyn Sports & Entertainment, which owns Barclays Center and the Paramount Theater in Brooklyn, and manages the new Nassau Coliseum" (NEWSDAY, 12/1). ESPN.com's Darren Rovell noted Prokhorov in '10 bought 80% of the Nets and 45% of Barclays Center. When he "bought the rest of the team and arena" in December '15 from Bruce Ratner, the team was valued at $875M and the arena was valued at $825M, "inclusive of debt" (ESPN.com, 11/30).

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