Report: Brooklyn Nets up for sale

Brooklyn Nets owner Mikhail Prokhorov is reportedly open to giving up a majority stake in the franchise after gauging interest for months.

The Nets have held discussions with the Guggenheim Partners, although it is reported that no single buyer will be willing to purchase both the organisation and the Barclays Center given the losses that the Nets have incurred, according to ESPN.

With the Los Angeles Clippers being purchased by Steve Ballmer for $2 billion earlier this year, it is understood that Prokhorov has opted to consider the possibility of cashing in on his venture.

Despite investing significant funds in the Nets to bring in the likes of Kevin Garnett and Paul Pierce, the team were unable to go beyond the second round of the playoffs last season.

Coach Jason Kidd has now moved on to the Milwaukee Bucks while Pierce has now signed for the Washington Wizards as Brooklyn struggled with luxury tax problems.