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16 Aug, 2019 15:03

Russian billionaire Prokhorov to sell Brooklyn Nets to owner of Alibaba

Russian billionaire Prokhorov to sell Brooklyn Nets to owner of Alibaba

Russian businessman Mikhail Prokhorov has officially agreed to sell his remaining portion in the NBA club Brooklyn Nets to Chinese billionaire and Alibaba Group owner Joseph Tsai.

The team confirmed Friday that Prokhorov is selling his controlling interest in the team as well as in the Nets' arena, Barclays Center, to Tsai in a deal. According to the Nets, the transaction is expected to take effect by the end of September and requires approval by the NBA's Board of Governors,” the NBA said in a statement.

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Tsai, who bought a 49 per cent share of the Nets last year, will complete the purchase by acquiring the remaining 51 per cent from Prokhorov.

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.

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 $2.35 billion sale will become the most expensive deal ever concluded for a US sports team, beating the previous record set by David Tepper who bought the NFL’s Carolina Panthers for $2.2 billion in 2018.