Head coach Lionel Hollins of the Brooklyn Nets looks on during the first half against the Orlando Magic on January the 8, 2016 at the Barclays Center in the Brooklyn borough of New York City.
Interim coach Tony Brown said that King was the one who delivered the news to him on Sunday morning.
King was Prokhorov's first significant hire, and he aggressively attempted to fashion the Nets into a team capable of winning immediately and meeting Prokhorov's championship edict.
Prokhorov says assistant general manager Frank Zanin will oversee the front office until King's replacement is hired.
Regardless, the Nets will be nowhere close to contending for the next several years.
"It was a tough moment for me, took me some time to get an understanding that I would be the guy and a good friend of mine was let go".
The Nets fell to 10-28, hours after owner Mikhail Prokhorov said the team needed a "reset" and that choosing to start it in the middle of the season was an easy decision.
He wanted a title within five years of buying the team in 2010, and King was aggressive in trying to build a contender quickly.
Accordingly, Prokhorov set about charting a course with a long list of potential stewards, a process he expects to take a long time -"disciplined" is the word he used for it.