Basketball Wiretap

Joe Tsai To Buy Nets, Barclays Center For $3.5 Billion In Total

Aug 15, 2019 10:31 PM

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.

Scott Soshnick/Bloomberg

Tags: Brooklyn Nets, NBA, NBA CBA

Joseph Tsai To Buy Remainder Of Nets For $2.2 Billion In Total

Aug 13, 2019 10:38 PM

Joseph Tsai is close to buying the remaining 51 percent of the Brooklyn Nets he does not already own from Mikhail Prokhorov. 

Tsai already owns 49 percent of the team, which he bought for $1 billion last year. The total cost of the team will be $2.35 billion. Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017.

The Nets are expected to have an increase of revenues from 10 percent to 15 percent.

Tsai is worth an estimated $9.9 billion.

Josh Kosman, Brian Lewis/New York Post

Tags: Brooklyn Nets, NBA, NBA CBA