Brooklyn Nets owner Mikhail Prokhorov on Thursday completed the sale of a 49% stake in the NBA franchise to one of the founders of Chinese e-commerce titan Alibaba, the NBA franchise announced in a statement. The Nets said Russian billionaire Prokhorov would continue to be the controlling owner of the team, and there would be no changes in the day-to-day management of the franchise following the sale to Joseph Tsai. No figures were revealed in the statement, but reports have valued the Nets at around $2.3 billion.
"It was important to us that we choose a partner who shares our commitment to the highest standards as we create a truly wonderful NBA franchise," Prokhorov said. "I welcome Joe to the organization and I am looking forward to working with him for years to come."
Tsai, who described himself as a lifelong sports fan, said he hoped to help expand the Nets brand across the globe. "Basketball is a global sport and the NBA is one of the most recognized brands in the world," said Tsai, a Taiwan-born Canadian citizen. "I am excited about the NBA's international growth prospects, and hope to play a part in bringing the NBA and the special character of the Brooklyn Nets to fans around the world," he added.
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