Prokhorov Hires Allen & Co. to Sell Minority Stake in Nets

(Bloomberg) -- Russian billionaire Mikhail Prokhorov said he’s hired Allen & Co. to find a local minority investor for the National Basketball Association’s Brooklyn Nets.

Prokhorov in a statement didn’t say how much of the team he’s looking to sell.

“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,” he said. “I’m committed to the Nets and will remain the majority owner of the team.”

About a year ago, Prokhorov consolidated ownership of the team and its arena, Barclays Center in Brooklyn, New York. The purchase from Bruce Ratner’s Forest City Enterprises Inc. valued the team at $875 million and the arena at $825 million, including debt.

In 2010, Prokhorov’s Onexim Sports & Entertainment paid $223 million for an 80 percent share of the team and a 45 percent share of the arena.

To contact the reporter on this story: Scott Soshnick in New York at ssoshnick@bloomberg.net. To contact the editors responsible for this story: Janet Paskin at jpaskin@bloomberg.net, Molly Schuetz