Mikhail Prokhorov agrees to sell 49 percent of Nets to Alibaba co-founder
Brooklyn's NBA franchise valued at $2.3 billion
Brooklyn Nets owner Mikhail Prokhorov has agreed to sell 49 percent of the Brooklyn Nets to Alibaba co-founder Joseph Tsai, according to an ESPN report.
The sale is based on a $2.3 billion valuation of the team, according to the report. Tsai, a Taiwainese investor, would be given the option to purchase a controlling interest of the team in four years, per ESPN. Until then, Prokhorov and his management team will remain in control of the team’s business and player personnel operations and Tsai has agreed to this arrangement. Notably, this sale does not include the Barclays Center, which Prokhorov is also the majority owner of.
ESPN reported that the Nets will soon agree to a long-term lease that will keep them at the Barclays Center even after the transfer of majority ownership to Tsai is completed in the future.
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View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.