24 minutes ago
BREAKING: Mikhail Prokhorov has officially agreed to sell his remaining stake in the Brooklyn Nets and full ownership of Barclays Center to Joe Tsai.
Tsai, who paid $1 billion for a 49% share of the Nets in 2018, is paying an additional $1.35 billion for the remaining 51% share, sources confirmed to ESPN earlier in the week. In addition, Tsai will pay nearly $1 billion in a separate deal for Barclays Center, a source told The Associated Press. "I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said in the statement. "He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful." "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 in the statement. "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."