Joe Tsai's Takeover Of Nets Does Not Include Barclays Center Stake
Nets co-Owner Joe Tsai's deal to buy full control of the team from Mikhail Prokhorov "does not include a stake in the Barclays Center," which is owned by Prokhorov’s Onexim Sports & Entertainment, though Tsai is "expected to eventually gain control of that, too," according to Draper & Hoffman of the N.Y. TIMES. The multibillion dollar deal for the Nets "illustrates the value of scarcity." Financial advisor Salvatore Galatioto, whose firm consulted on the sales of the Kings and Warriors, said, "I don’t think there is an NBA team that would sell for under a billion. I would be shocked for that.” Galatioto Sports Partners is "not involved in the Nets deal" (N.Y. TIMES, 8/15). In N.Y., Brian Lewis writes with Tsai gaining full control of the Nets, the team's "deep pockets ... will remain." Sources have consistently said that Tsai will give GM Sean Marks the "money needed to win." Fans also can "expect Tsai to be more visible" around the Nets, the NBA and in N.Y. Tsai already has "attended more games the past two seasons than Prokhorov did over the past several years combined" (N.Y. POST, 8/15). Forbes' Joe Barnathan writes the Nets are "set to become a global brand" under Tsai, which is a "huge win for the NBA." With "deep pockets and a vision towards the future, there is little reason to worry about any fundamental upheaval within the organization" (BYERS MARKET, 8/15).