Joe Tsai's Deal To Buy 49% Of Nets From Prokhorov Becomes Official
Alibaba co-Founder Joe Tsai has "finally completed his long-pending purchase" of 49% of the Nets from Mikhail Prokhorov, along with the "right to buy controlling interest in the team within three years," according to Brian Lewis of the N.Y. POST. A source said that the deal values the Nets at $2.35B -- a "record for the NBA" -- and "does not include Barclays Center." The purchase -- unanimously approved by the NBA BOG -- is being made from Tsai's "personal fortune." Prokhorov for now "remains the controlling owner." Prokhorov earlier this season had said that Tsai would be "good for the league," while NBA Commissioner Adam Silver "noted the impact he could have on the Nets’ continued international push" (N.Y. POST, 4/13). CNBC’s Mike Santoli said, "You’re nobody in (Silicon) Valley if you don’t have a stake in an NBA team.” CNBC’s Melissa Lee: “It’s the thing to do” (“Squawk Box,” CNBC, 4/13).