Brooklyn Nets owner Mikhail Prokhorov has completed the sale of a 49% interest in the Brooklyn Nets to Joe Tsai. Mr. Tsai is executive vice chairman and co-founder of Alibaba Group, a global internet company with businesses in e-commerce, cloud computing and digital entertainment.
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The transaction provides Mr. Tsai an option to acquire further shares in 2021 and, if exercised, become the controlling owner of the team. The announced share sale does not include Barclays Center, which will continue to be wholly owned by Onexim Sports and Entertainment. The NBA Board of Governors unanimously approved the transaction.
Mr. Prokhorov, through Onexim Sports and Entertainment Holding USA, Inc., will continue to be the controlling owner and the NBA Governor of the team. There will be no changes in the day-to-day management of the team’s business or basketball operations.
As the Nets hard-fought game with the Warriors drew to a close, YES Network cameras caught Joe Tsai, about to become the Nets minority owner (and heir apparent), talking with Kenny Atkinson. Later, Tsai, a Taiwanese-Canadian citizen, was seen talking to Jeremy Lin, who’s of Taiwanese parentage and who Tsai has described as “my favorite player.”
Tsai, who has a home in LaJolla, California, sat courtside near the Nets bench with his family. It’s at least the third time he’s been seen at a Nets game since agreeing in principle to purchase 49.5 percent of the team from Mikhail Prokhorov. The reported price tag for the co-founder of Alibaba, the Chinese e-commerce giant: $1.13 billion. Under terms of the deal, as reported back in October, Tsai will assume ownership control of the Nets in 2022. Prokhorov would then become a minority stakeholder.
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
Nets Daily: Hearing that negotiations for sale of minority stake in Nets are active. Don’t know if imminent or who’s interested just that talks active.
Russian billionaire Mikhail Prokhorov is getting closer to selling the Brooklyn Nets, sources told The Post.
There are multiple suitors late in the process to buy a 49-percent stake in the struggling NBA team, along with the right to buy a larger stake and become the controlling owner in three years, sources told The Post. The sale does not include Brooklyn’s Barclays Center.
Brooklyn Nets owner Mikhail Prokhorov is ready for a long goodbye. The Russian billionaire, unable to sell a minority stake in the money-losing NBA franchise, now plans to off-load a controlling stake in the team, two sources close to the situation told The Post.
However, Prokhorov is hoping to sell the Nets in a two-part process, the sources said. First, the 52-year-old will look to sell a minority piece of the team — but give the buyer the right to buy the entire team in a short period of time — say three years, the sources said. “There will be a new owner in the next few years,” one of the sources said.
The Nets believe they can attract a selling price of at least $2 billion, especially after Tilman Fertitta agreed to buy the Rockets for $2.2 billion, sources said. The Rockets are profitable, however, and the Nets next season are still expected to lose money. There are interested buyers, including Wall Street types, who have been doing due diligence on the team, sources said.
Alibaba Executive Vice Chairman Joe Tsai has expressed an interest in the team, a source told The Post, though reps for his family office, Blue Pool Capital, deny it.
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April 21, 2018 | 5:23 am EDT Update
Marcin Gortat said Markieff Morris brought clippers to each practice and pestered him to shave the Mohawk. Realizing the amount of effort that went into Mohawk maintainence, Gortat finally gave in. The results: 16 points (8-10) and 5 rebounds.
Candace Buckner: John Wall explaining his encounter with Serge Ibaka: “I just told him to keep his hand out of people’s face. He was just pointing at everybody’s face. I told him get his hands out of people’s face and he went into a little rage.”
Josh Lewenberg: Delon Wright: “I mean, everybody’s competitive, so sometimes guys are talking and it gets a little chippy or whatever. We just have to do a better job of realizing they’re probably trying to get us off our game and stay focused, not let them get to us.”
Josh Lewenberg: Valanciunas: “They were celebrating, they were hyped up, they were playing hard, they were doing it all and we kinda, I don’t know, lost our momentum. Now we’ve just gotta learn from this.”
Parker declined to speak after the game, saying he had a meeting with the team and it was decided that it was better for him not to talk with reporters. Parker’s teammates sung his praises after the game.
“He was a professional tonight,” Bucks guard Khris Middleton said. “He’s had a rough start to the series. But we’ve all talked to him. We know that we need him (and) try to let him know that we need him. “It starts with him. Within. His mind has to be right when he checks into the game. It’s not just about scoring. It’s not about him. It’s about the team. We need him to be part of the team for him to be successful and for him to be successful.