Mikhail Prokhorov has agreed to sell the Brooklyn Nets, as well as the full ownership of the Barclays Center to Joe Tsai, the team officially announced.
Tsai,co-founder of Alibaba, has paid $1 billion for a 49% share of the Nets back in 2018, and will pay an additional $1.35 billion for the remaining 51% share, according to ESPN.
The deal is expected to be finalized by the end of September.
“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.”
“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.”
During the transition, longtime Nets CEO Brett Yormark will set down from his post to oversee the transition process.
“Without Brett’s innovative foresight and leadership, we would not be where we are today with the Nets and Barclays Center,” Prokhorov said. “Brett had always made it clear to me that when the arena and team sold, he would move on and begin his next journey. Thank you to Brett, who has been a true partner and friend over the past 15 years.”
The Nets have been making big changes since the end of the season, spending big with the signings of Kevin Durant, Kyrie Irving and DeAndre Jordan during free agency this summer.