Brooklyn Nets owner Mikhail Prokhorov told Russia’s R-Sport that he will sell 49 percent of his stake in the team.
Prokhorov made it known that he would sell a minority stake in the Nets as early as December, but he finally specified the amount on Friday, per the Associated Press (h/t ESPN.com).
The Russian billionaire bought an 80-percent stake in the Nets when they were still in New Jersey in 2010. Two years later, he moved to the team to Brooklyn and took full ownership of the team in 2015.
Prokhorov is still currently looking for interested bidders who could come in and change the culture within the franchise.
The Nets have made the playoffs just three times since his arrival and have been one of the worst teams in the league over the past two years.
Dating back to the 2015-16 season, the Nets have gone a combined 41-123.