The Brooklyn Nets could have a new majority owner in the near future, as Joseph Tsai is in talks to purchase the Barclays Center and the new Nassau Coliseum in Uniondale from Russian billionaire Mikhail Prokhorov, according to a report from John Kosman of the New York Post.
Tsai, the co-founder of Alibaba, is a billionaire in his own right. The 55-year-old already owns 49 percent of the Nets after buying a stake from Prokhorov last year for $1 billion. Now Tsai is hoping to become the new majority owner.
Tsai, who hails from Taiwan, would have the rights to buy the Nets before the 2021-22 season for an additional $1.35 billion.
It's long been known that the NBA prefers its owners to actually own the arena their teams play in. By buying the Barclays Center, Tsai would already have a leg up, so to speak. For Prokhorov, it would be an early sell of his 51 percent stake.
The NBA would be happy to have Tsai as the owner of the Nets, according to the New York Post. Though he doesn't own a team yet, he's an increasingly prominent member of NBA China, and the league is always looking to expand their game on a global scale.
“The league would be ecstatic,” a source close to the situation told the New York Post.
Whether or not majority ownership will indeed change hands in Brooklyn remains to be seen, but it sounds like there is some level of interest.
The Nets will be back in action on Saturday, when they'll serve as hosts to the Boston Celtics. Tip-off inside the Barclays Center is set for 6:00 p.m. ET.
Follow Us
Subscribe