Nets rumors: Mikhail Prokhorov, Joe Tsai deal likely to be closed, announced in ‘next week or so’
In a deal that was reported in late October,
“Tsai will pay $1.13 billion for 49 percent of the Nets with an option to take control in 2022. Prokhorov will retain 100 percent ownership of Barclays Center and the other venues his Brooklyn Sports & Entertainment controls including Nassau Coliseum.”
Tsai is the co-founder of the Chinese e-commerce company, Alibaba. Since he owns only 49 percent of the team, Prokhorov will retain control of the team for at least the next four years. Up until Tsai decides he wants to buy the rest of the team, Mikhail Prokhorov will have control of the team.
In terms of the product on the court, this shouldn’t really change anything, at least in the short term, as Tsai doesn’t have control over the team yet.
But sources have said Tsai understands that this is a long-term rebuild, and he also doesn’t expect the Nets to be able to turn around the franchise right away.
This has been another trying year for the Nets as they are in the middle of their rebuild. They are currently 19-40 which is the 3rd worst record in the Eastern Conference and only one game ahead of the Atlanta Hawks, who have the worst record in the Eastern Conference.
They have a couple of good young players, but they don’t have enough yet to start really building the team around.