August 2019

Alibaba Co-Founder to Take Over as Brooklyn Nets Sole Owner

In a deal with soon-to-be former owner Mikhail Prokhorov, Joseph Tsai also now owns Brooklyn's Barclays Center. The sale only needs approval by the NBA's Board of Governors to become official. Mikhail Prokhorov, via statement Prokhorov previously held the majority stake in the Nets at 51% while Tsai had the remaining 49%. Tsai originally signed a deal in 2017 to eventually take over full ownership of Brooklyn within four years. According to CNBC, the Nets are valued at $2.35 billion, the highest price tag in pro basketball history. It tops the previous record set in 2017, when the Houston Rockets were bought for $2.2 billion by businessman Tilman Fertitta. Tsai takes over at an exciting time for Brooklyn, who added Kyrie Irving and Kevin Durant this offseason.