Saturday, 24 August, 2019

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

What you need to know about the Nets’ 2019-20 schedule What you need to know about the Nets’ 2019-20 schedule
Shannon Reynolds | 16 August, 2019, 13:50

Should he make the reported deal, he would be buying the remaining 51 percent two seasons early. The Russian billionaire bought full ownership of the team in 2015.

There's nothing to Carmelo Anthony working out with Brooklyn Nets players in Los Angeles, as it's just friends playing pick-up basketball, according to Brian Lewis of The New York Post. The total deal is expected to cost $2.35 billion and, per the Post, is expected to be announced this week.

The combined $2.35 billion transaction would be the highest price ever paid for a sports franchise in the United States.

Casino magnate Tilman Fertitta paid a reported $2.2 billion to buy the NBA's Houston Rockets in 2017, and hedge fund guru David Tepper paid $2.2 billion to buy the NFL's Carolina Panthers in a deal that closed a year ago.

Tsai is one of the owners of Alibaba as well as a member of NBA China.

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Tsai has a personal net worth of $9.2 billion, according to Forbes.

The sale comes at a good time for the Nets, who have struggled to turn a profit since before they moved across the Hudson River from New Jersey in 2012. The sale of shares to Tsai in 2018 did not include the Barclays Center, which Prokhorov's company will continue to own.

A separate deal is expected to be completed to allow Tsai to purchase the team's home - Barclays Center in Brooklyn - though that would be for a number beyond the price paid for the Nets. Those additions - plus other offseason moves by Brooklyn to shore up its depth - have the Nets looking like a favorite to rise quickly in the Eastern Conference.

Sales staff received almost 1,000 inbound calls on that day alone, and within a week, the Nets had already exceeded its ticket revenue for all of the 2018-19 season.

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