Russian billionaire and Brooklyn Nets owner, Mikhail Prokhorov, is looking to sell off a 49% stake of the NBA team, Bloomberg reports.
The asking price is estimated at $1.6 billion, according to Forbes.
Prokhorov has hired the firm Allen & Co. to find an interested buyer—”a local minority investor” who would “further strengthen the team’s New York presence in order to expand upon our business and community relationships,” the Bloomberg article states.
In 2010, Prokhorov put down $223 million for an 80% share in the team and a 45% share in the Barclays Center—the team’s home arena.
In 2015 he bought the remaining shares from Forest City Enterprises Inc., consolidating ownership of the Nets and the Barclays Center, valuing the team at $875 million and the arena at $825 million.
The Nets were 20-62 this season—the worst record in the NBA—and the team’s third consecutive season below .500, the NY Post reports.