^

Sports

Prokhorov completes sale of 49 percent of Nets to Alibaba co-founder

Associated Press
Prokhorov completes sale of 49 percent of Nets to Alibaba co-founder
Mikhail Prokhorov
AP Photo / Seth Wenig

NEW YORK — 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 (Friday Manila time) 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.

NBA

NETS

Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with