Tue. Aug 20th, 2019

Radio On Fire News

The Voice of Urban America

Brooklyn Nets Part-Owner to Buy Franchise’s Remaining Shares for $2.35B

1 min read

RadioOnFire.com - Alibaba co-founder Joseph Tsai is set to be the full owner of the Brooklyn Nets for $2.35 billion, according to the New York Post. Tsai originally purchased 49% of the Nets last year for $1 billion with the option to buy the remaining shares from Mikhail Prokhorov by the 2021-22 season. He is also reportedly negotiating to buy the Barclays Center and the new Nassau Coliseum from Prokhorov.

Forbes values the Nets at $2.35 billion, which is up significantly from the $875 million in 2015 when Prokhorov bought the remaining shares of the team. During the off-season, the Nets added All-Stars Kyrie Irving and Kevin Durant to the team. This added star power could bring in even more revenue for the Nets.

Source: New York Post
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