Sources: Joe Tsai Close To Final Purchase Of Remaining 51% Of Nets
Nets co-Owner Joe Tsai is "close to signing a deal" to buy the 51% of the team he "does not already own" from Majority Owner Mikhail Prokhorov, according to sources cited by Kosman & Lewis of the N.Y. POST. Tsai "already owns 49% of the team," which he bought last year for $1B. At that time, he "locked in the right to buy the remaining 51% of the team" before the '21-22 NBA season for an additional $1.35B. Sources said that the full $2.35B transaction is "expected to be announced this week," and would "mark the highest price ever paid for a sports franchise." Tsai will be "exercising his right to buy" Prokhorov's 51% share two seasons early. The sale "comes at a time when the Nets are still high off their recent off-season buying spree." In March, it was reported that Tsai also was "in talks to buy the Barclays Center and the new Nassau Coliseum," which would "pave the way for him to get NBA approval to buy the team." Sources said that the NBA "pushes its owners to also own their arenas, and that is one of the reasons Tsai will also be acquiring the Barclays Center" (N.Y. POST, 8/14).