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Home / Sports / Prokhorov agrees to sell Nets, Barclays to Tsai

Prokhorov agrees to sell Nets, Barclays to Tsai



Russian billionaire Mikhail Prokhorov has officially agreed to sell his remaining stake in the Brooklyn Nets and full ownership of Barclays Center to Joe Tsai, the team said Friday with Nets will pay an additional $ 1.35 billion in 2018 the remaining 51 percent, as confirmed by ESPN earlier this week.

Purchased by Tsai, co-founder of Alibaba, one of the world's largest ecommerce companies, this purchase must be approved by the NBA Board of Governors, which has already approved the first transaction.

A statement by the Nets said that the transaction should be completed by the end of September, and that Brett Yormark, who served as CEO of the NBA Networks since 2005, will resign from his post after overseeing the transition to new ownership.

"I had the opportunity to witness the rebuilding of the Brooklyn grids that Mikhail started a few years ago," Tsai said in the statement. "He hired a front office and coach focused on player development, he supported the organization with all its resources and refused to refuel, and I will be the beneficiary of Mikhail's vision, which put the nets in a great competitive position." for which I am incredibly thankful.

Outgoing owner Mikhail Prokhorov will be remembered for helping bring the nets to Brooklyn across the Hudson River, a move that dramatically increased the profile of the franchise. EPA / Andrew Gombert [19659006] Prokhorov bought the nets in 2010 from real estate developer Bruce Ratner and enabled the team to relocate to Brooklyn and Barclays Center in 2012.

"It was an honor and a success It's a pleasure to open the Barclays Center, the networks to Brooklyn Prokhorov said in the statement, "The team is better off today than ever, and I know that Joe will build on that success while continuing to provide the guest experience at the Barclays Center that our fans, employees and colleagues in the industry enjoy. "

The total value of the business ts for the $ 2.35 billion team (excluding the arena) is the largest purchase price for an American professional sports team, exceeding the $ 2.2 billion that David Tepper has acquired for the purchase of the Carolina Panthers and Tilman Fertitta has paid to buy the Houston Rockets.

Team * Value
New York Knicks 4 billion dollars
Los Angeles Lakers 3.7 billion dollars
Golden State Warriors 3, $ 5 billion [19659014ChicagoBulls $ 2.9 billion
Boston Celtics $ 2.8 billion
Brooklyn Nets $ 2.35 billion
Houston Rockets
19659012] $ 2.3 billion
* Forbes Magazine 2019 Rankings 19659027] Yormark joined NASCAR on the nets and helped run the franchise to Brooklyn from his former homes in East Rutherford and Newark, New Jersey , After initially joining Ratner, Yormark remained at his post during Prokhorov's tenure for the past nine years.

"Without Brett's innovative vision and leadership, we would not be where we are today with the Nets and Barclays Center," said Prokhorov. "Brett has always made it clear to me that when the arena and the team are sold, he'll move on and embark on his next trip, thanks to Brett, who has been a true partner and friend over the past 15 years."

The team spent a significant amount of time in Prokhorov's term, earning a record of luxury taxes in 2013/14 before falling behind in 2013 following the failure of the Boston Celtics trade for Kevin Garnett and Paul Pierce. This summer The team, however, caused a stir with Kevin Durant, Kyrie Irving and DeAndre Jordan.

Earlier this year, an investment group led by Tsai acquired the New York Liberty of the WNBA from James Dolan.

Tim Bontemps of ESPN contributed to this report.


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