NEW YORK (CBSNewYork)Brooklyn Nets owner Mikhail Prokhorov is planning to sell a minority share in the team to a local investor, although the Russian billionaire plans to remain the majority owner.

Prokhorov announced his intentions in a statement Wednesday. He has retained Allen & Company to explore the sale.

MORE: Lichtenstein: Kilpatrick’s Heroics Vs. Clippers Give Credence To Nets’ Development Ideology

“As I’ve said, I’m passionate about owning the Nets and our emerging sports and entertainment businesses and will continue to look at growth opportunities,” Prokhorov said in the statement. “My goal in seeking a local minority partner is to further strengthen the team’s New York presence in order to expand upon our business and community relationships.”

Prokhorov, 51, also owns Barclays Center, the Nets’ home arena. He has owned at least an 85 percent stake in the Nets since 2010.