Joe Tsai will play approximately $3.5 billion for the Brooklyn Nets and Barclays Center.
Tsai's deal with Mikhail Prokhorov could be announced as soon as Friday.
BSE Chief Executive Officer Brett Yormark will announce his resignation.
Tsai previously bought a 49% stake of the team at a $2.3 billion valuation.
In 2010, Prokhorov paid $223 million for an 80 percent stake of the Nets and a 45 percent share of the arena. Prokhorov consolidated ownership of both the Nets and the arena that valued the assets at $1.7 billion.