Mikhail Prokhorov agreed to sell his remaining stake in the Brooklyn Nets and full ownership of Barclays Center to Joe Tsai for an American sports record $2.35 billion.
“It has been an honor and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal,” Prokhorov said in the statement. “The team is in a better place today than ever before and I know that Joe will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy.”
The Nets announced the sale Friday.
Tsai, who paid $1 billion for a 49 percent share of the Nets in 2018, is paying an additional $1.35 billion for the remaining 51 percent share, according to multiple reports.
Tsai is the co-founder of Alibaba e-commerce company. His purchase from the Russian billionaire and full control of the franchise is pending approval from the NBA’s Board of Governors. The Nets said Friday the transaction is expected to be final in September.
The Nets also confirmed CEO Brett Yormark would resign after the transition of ownership is finalized.
“I’ve had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago,” Tsai said in the statement. “He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail’s vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.”
Prokhorov purchased the team from Bruce Ratner in 2010 and completed a move to Brooklyn and Barclays Center in 2012.
The purchase price exceeds the previous record sale price of $2.2 billion, the cost to David Tepper to buy the Carolina Panthers and Tilman Fertitta to buy the Houston Rockets.
–Field Level Media