Joseph Tsai Rumors
Multiple sources tell NetsDaily that the final deal between Mikhail Prokhorov and Joe Tsai is likely to be closed and announced in next week or so. As the deal was reported in late October, Tsai will pay $1.13 billion for 49 percent of the Nets with an option to take control in 2022. Prokhorov will retain 100 percent ownership of Barclays Center and the other venues his Brooklyn Sports & Entertainment controls including Nassau Coliseum.
Just last week, in a discussion of the Nets future with NetsDaily, GM Sean Marks noted, “We’re going to have to be patient, Mikhail’s going to have to be patient, Joe’s going to have to be patient, but by the end of the day, we all realize, ‘let’s build the foundation.’”
Nets officials have noted repeatedly over the last several months that Tsai, like Prokhorov, has bought into Marks long-term rebuild. In November, during a short back-and-forth between him and Bill Walton in Huangzhou, Tsai told the Hall of Famer that he expects his ownership to be “an interesting journey” and “a long-term project.” He also described Jeremy Lin, a Taiwanese-American, as his “favorite player.”
Nets Daily: Multiple sources say final deal between Mikhail Prokhorov and Joe Tsai likely to be closed and announced in next week or so. As reported back in October, Tsai will pay $1.1 bn for 49% of team with option to take control in 2022. The two owners have combined net worth of $23 bn
The NBA didn’t become a billionaire’s ball until April of 2014, when former Microsoft CEO Steve Ballmer paid $2 billion for the Clippers after Donald Sterling’s forced exit. Everyone in league circles knew the massive TV deal was coming by then, and so this became a costly risk worth taking. Fertitta’s record price was eclipsed in October, when Alibaba co-founder Joseph Tsai bought 49% of the Brooklyn Nets at a valuation of $2.3 billion (according to ESPN, he has an option to acquire controlling interest in 2021). “We were hell-bent that we weren’t going to lose (the bidding) this time,” Fertitta said. “But you can’t make somebody sell something to you if they don’t want to sell it. But all we could do is shoot every bullet we could, and I think Tad, you know we did – a lot more than anybody else.”
Bloomberg News on Friday backed off an earlier report that stated Joe Tsai got Mikhail Prokhorov to cover losses related to lavish player contracts as part of his agreement to buy a 49 percent stake in the Nets.
Later the story changed. Before buying into the Brooklyn Nets, billionaire Joe Tsai discussed putting an unusual condition to his investment: a refusal to cover any losses related to player salaries, according to people familiar with the sale contract. That language never made it into the final contract, though Tsai does have other downside protection