The Brooklyn Nets will be the next big professional sports team sold, joining both the Los Angeles Clippers and Buffalo Bills over the past calendar year.
Flush with a brand-new state of the art venue in Brooklyn, the Nets franchise should be a popular option for the richest of the rich attempting to get involved in the professional sports world. And while the team’s on-court success hasn’t been there in recent seasons, a move to Brooklyn—and the amazing fan base in that part of New York City—has to be a major draw.
This is where recent comments by Philadelphia 76ers CEO Scott O’Neil come into play. Indicating that Brooklyn may be valued more than originally thought, the Sixers head man had this to say about a pending sell of his team’s Eastern Conference rival.
I think they go for $1.4, $1.5 billion…the exact amount depends on what’s included, what the lease looks like, how much of the arena you get. There is a whole bunch of different factors. But I would say, given the current set up, the current structure now, $1.5-ish.
O’Neil went on to indicate that the Los Angeles Clippers selling to new owner Steve Ballmer for $2 billion last year was nothing more than an exception to the rule. And considering that ridiculous price tag, it’s hard to question O’Neil’s point.
Current Nets owner Mikhail Prokhorov has made it clear that he’s going to sell the franchise, so the question isn’t if it will happen. Instead, it’s all about who might step up and purchase the franchise.
Considering Prokhorov purchased the franchise for $200 million, he’s going to cash out on the winning side of any sale. Forbes’ most recent valuation of NBA franchises has the Nets worth $1.5 billion, so O’Neil’s estimation might not be far off.
Guggenheim Sports and Entertainment, which owns the Los Angeles Dodgers, has been mentioned as a potential suitor to buy the Nets. Needless to say, this mega-player in the sports world has the necessary assets to make it work.
In addition to Guggenheim, there’s going to be a ton of interest in this franchise in the coming months. You simply can’t oversell the fact that Brooklyn is an ideal location for a start-up owner to build a strong NBA franchise.
That has to be the biggest draw right now.