Mikhail Prokhorov agrees to sell 49 percent of Nets to Alibaba co-founder

Brooklyn's NBA franchise valued at $2.3 billion

October 27, 2017 Brooklyn Daily Eagle

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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.

Prokhorov purchased the Nets in 2010 for $220 million and moved the team to Brooklyn in 2012.