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Prokhorov looking to sell minority stake in Nets

Noah K. Murray-USA TODAY Sports / reuters

Mikhail Prokhorov is looking to sell a minority stake in the Brooklyn Nets, the billionaire owner announced Wednesday.

"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," Prokhorov told ESPN's Darren Rovell. "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 51-year-old has hired Allen & Company - a New York-based investment bank - to explore the sale.

Prokorov bought an 80 percent stake in the Nets and 45 percent share in the Barclays Center in 2010 for $223 million. The Russian owner purchased the remaining stake in 2015, when the team and arena were valued at a combined $1.7 billion.

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