Prokhorov completes sale of 49 percent of Nets to Tsai
ABS-CBN Sports on Apr 13, 2018 08:25 AM
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NEW YORK (AP) — Brooklyn Nets owner Mikhail Prokhorov has completed the sale of a 49 percent interest in the team to Joe Tsai, who could become the controlling owner in three years.
The NBA’s Board of Governors unanimously approved the sale Thursday to Tsai, the co-founder of China-based global internet company Alibaba Group Holding Ltd.
Prokhorov will remain the controlling owner for now through Onexim Sports and Entertainment Holding USA Inc. However, the deal allows Tsai to acquire further shares in 2021. If exercised, he would become the controlling owner.
Prokhorov bought the Nets in 2010 and the Russian oversaw the Nets’ move from New Jersey to Brooklyn. The sale does not include Barclays Center, which his company will continue to own.