The Brooklyn Nets fired head coach Lionel Hollins and reassigned general manager Billy King on Sunday.

The Nets currently have a 10-27 record that ranks second-worst in the Eastern Conference after making the playoffs last season. Assistant coach Tony Brown will be the Nets' interim coach for the remainder of the season. The general manager 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," Nets owner Mikhail Prokhorov said in a statement. "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."

Hollins was hired by King prior to the 2014-15 season to replace Jason Kidd after he departed to the Milwaukee Bucks. Hollins had a 48-71 record during his tenure with the Nets, who are in the midst of a four-game losing streak.

King was named the Nets' general manager on July 14, 2010, and was in his sixth season in that role. He made blockbuster trades that brought such notable players as Deron Williams, Joe Johnson, Paul Pierce and Kevin Garnett to Brooklyn, but the deals never lived up to their billing. Six first-round picks were traded in the process. The lack of first-round picks for the future played a role in Kidd wanting to leave, a source said. The Nets were not clear what King's new role will be.

"I want to thank Billy for his hard work in the development of the Nets," Prokhorov, who has a press conference scheduled for Monday in Brooklyn, said in the statement. "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."