Russian billionaire 'is selling Brooklyn Nets amid financial concerns'

The Russian billionaire who owns the Brooklyn Nets has decided to sell the NBA team amid concerns about its financial losses and performance on court, according to reports.

Mikhail Prokhorov, 49, has apparently retained investment adviser Evercore Partners to sell his share of the basketball franchise, which he bought for a staggering $223million in May 2010.

The businessman, who is worth an estimated $11.1billion, currently holds 80 per cent of the Nets, as well as 45 per cent of the Barclays Center, the club's two-and-a-half-year-old arena in New York.

Of these, only the team is for sale, two sources close to the matter told Bloomberg News.

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