Report: Nets owner cuts ties with bank hired to sell team
Prokhorov has terminated his agreement with Evercore Partners, Rovell reports, after it became clear a sale was unlikely.
Prokhorov reportedly hired Evercore in January but the team denied those reports. His interest in a sale was reportedly influenced by the $2 billion sale of the Los Angeles Clippers last spring and the economic downturn in Prokhorov's native Russia.
[daily_cut.NBA]Prokhorov bought the Nets in 2010 for $223 million. He owns 80 percent of the team and 45 percent of its arena, Barclays Center. A Grantland report from last year said the Nets' basketball operations department lost $144 million last season, losses that Prokhorov has minimized.
The value of Russia's currency, the ruble, has plummeted in recent months, largely because of decreasing oil prices.
- Dan Gartland