According to sources close to ESPN, businessman Joseph Tsai is closing in on an agreement with Brooklyn Nets majority owner Mikhail Prokhorov to purchase controlling interest of the NBA franchise.
Joseph Tsai to buy rest of Brooklyn #Nets for record $2.35B #nba https://t.co/MOOrMUyNoJ via @nypost
— Brian Lewis (@NYPost_Lewis) August 14, 2019
The most significant purchase price of an American professional sports team was the $2.2 billion paid by David Tepper to buy the Carolina Panthers, and by Tilman Fertitta to buy the Houston Rockets. At the moment, the Brooklyn Nets are valued at $2.35 billion, and if the deal goes through, it’s going to be the most substantial price ever.
Tsai is the co-founder of one of the world’s largest e-commerce companies — Alibaba. In 2018, he bought a 49% stake in the Nets from Prokhorov for $1 billion, with the option to buy the remainder of the team in the future. The NBA Board of Governors approved that sale, and they would also have to approve the sale of the additional 51% to Tsai.
Joseph Tsai is close to signing a deal to buy remaining 51% of the Brooklyn Nets for $2.35 billion, would be highest transaction ever paid for a sports franchise, per @NYPost_Lewis, @joshkosman pic.twitter.com/K0h1rrPfkZ
— Bleacher Report NBA (@BR_NBA) August 14, 2019
Additionally, Tsai is also expected to purchase the Brooklyn Nets arena — Barclays Center, in a separate deal. Prokhorov became the owner of the Nets in 2010 when he bought the team from real estate developer Bruce Ratner. The Nets then moved to Brooklyn and Barclays Center two years later.
