Joe Tsai will pay Mikhail Prokhorov about $2.35B for the Nets -- a record for a U.S. pro franchise -- and nearly $1B for Barclays Center in a "separate transaction," according to sources. The deal is "expected to be completed by the end of September and is subject to approval by the NBA’s Board of Governors." The deal would put Tsai in "full control of the team by the time the Nets head to China to play two exhibition games" against the Lakers in October (AP, 8/16). SI.com's goes with the header, "Mikhail Prokhrov Leaves A Complicated Legacy With The Nets" (SI.com, 8/16).
The deal allows Prokhorov to "retain control of NYCB Live’s Nassau Coliseum." Prokhorov’s Onexim Sports & Entertainment also is "retaining its ownership stake" in the proposed $1.5B commercial and residential redevelopment plans at Nassau HUB. Sources said that a partnership between Tsai's BSE Global and Prokhorov's Onexim Sports & Entertainment will "remain in place, with some BSE Global employees expected to share responsibilities across both venues" (NEWSDAY, 8/16).
