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Report: Prokhorov aims to sell Nets in 2-part plan

Noah K. Murray-USA TODAY Sports / reuters

Mikhail Prokhorov wants to offload the Brooklyn Nets but it hasn't been easy.

Prokhorov was unsuccessful in his initial plans to auction a minority stake in the Nets, so his new strategy is to sell a controlling stake in two stages, according to Josh Kosman of the New York Post.

The plan would have the potential buyer first purchase a minority stake, then include an option to buy the entire franchise after three years, Kosman writes.

Prokhorov believes the Nets could sell for at least $2 billion based on the recent transactions in Houston ($2.2 billion) and Los Angeles ($2.1 billion).

The Barclays Center, where the Nets play, will still be retained by Prokhorov. However, rent may be lowered in order to entice a sale. Suitors are likely waiting on a new lease before proceeding with offers.

Alibaba executive vice chairman Joe Tsai is reportedly interested in purchasing the Nets, according to Kosman. There's also a host of "Wall Street types" that are also keeping tabs on the situation.

Prokhorov purchased 80 percent of the New Jersey Nets for $200 million in 2010 and relocated to Brooklyn in 2012. That acquisition allowed him to build the Barclays Center, which quickly grew to become one of the top sports and concert venues in New York City. He eventually purchased full control of both the Nets and Barclays Center in 2015 for an additional $1.7 billion.

The Russian Oligarch promised to deliver a championship within five years of the team's purchase, and promptly spent deep into the luxury tax for a host of former All-Stars. The execution of that strategy failed miserably as the Nets only have one playoff series win in seven seasons to show for Prokhorov's bottomless spending.

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