Brooklyn Nets owner Mikhail Prokhorov has ended his agreement with investment bank Evercore Partners, who he hired to explore a sale of the team, banking sources told ESPN.com on Tuesday.
Prokhorov, who owns 80 percent of the team and 45 percent of Barclays Center, hired the bank in January to take offers on the heels of Steve Ballmer's $2 billion purchase of the Los Angeles Clippers. But in recent days, the idea that the team would be sold in the very-near future didn't seem likely.
"Nothing has happened and they've been talking about it (in the media) for a year," Nets CEO Brett Yormark said last week on a panel in Manhattan. "So I'd probably say I don't think anything is going to happen. We have an ownership group that is very committed."
Prokhorov bought the team in May 2010 for $200 million. Forbes magazine says the Nets are the sixth most valuable team in the league at $1.5 billion.
When Prokhorov took over he said his team would win a championship within five years. This season is the fifth year. The team is currently 25-37, fighting for a playoff spot.