Nets Owner Mikhail Prokhorov to Hold Press Conference TOMORROW, Monday, January 11 at 10 a.m. at Barclays Center

BROOKLYN (January 10, 2016) – The Brooklyn Nets today reassigned General Manager Billy King within the organization and have parted ways with Head Coach Lionel Hollins.

For the remainder of this season, Assistant Coach Tony Brown will serve as interim head coach. The GM position will remain open until a replacement is named.

“After careful consideration, I’ve concluded that it’s time for a fresh start and a new vision for the direction of the team,” said Nets Owner Mikhail Prokhorov. “By making this decision now, it enables our organization to use the rest of the season to diligently evaluate candidates with proven track records. It’s clear from our current state of affairs that we need new leadership. With the right basketball management and coach in place, we are going to create a winning culture and identity and give Brooklyn a team that it can be proud of and enjoy watching. We have learned a great deal during the past six years and our experiences will guide us for the future. Following the consolidation of team ownership last month, I can assure you that I’m more determined and committed than ever to build a winner.”

“I want to thank Billy for his hard work in the development of the Nets. At every step of the way, he has been aggressive in his quest to build a winning team and has been a key factor toward the Nets making the playoffs for each of the last three seasons. Beyond this, he has been a tremendous friend, wonderful colleague, and loyal partner and we wish him success in the future. I also want to thank Lionel for his efforts and dedication on behalf of the Nets franchise. To our fans, I thank you for your continued enthusiasm and support and please know that brighter days are ahead. I’m excited to begin the process of choosing the best GM and head coach available.”

King was named as the Nets' GM on July 14, 2010, and was in his sixth season in that role. During his one and a half seasons as Nets coach, Hollins had a regular season record of 48-71 and guided the team to the first round of the NBA Playoffs last season.