Basketball Sources: Prokhorov selling minority stake in Nets by Jason Goldstein October 27, 2017 Mikhail Prokhorov’s days as majority owner of the Brooklyn Nets could be numbered. According to multiple league sources, the Russian billionaire agreed to sell 49 percent of the team to Joseph Tsai, co-founder of Chinese e-commerce company, Alibaba. Sources also indicate that Prokhorov also agreed to give Tsai an option to buy a controlling interest in the the team to Tsai within four years. He will retain control of the team during that time. There is no indication when the sale agreement will be finalized, but Tsai will have to be approved by the NBA Board of Governors. The deal also excludes the acquisition of the Barclays Center in Brooklyn, according to league sources. Prokhorov owns the arena, and it’s reportedly expected that a new long-term lease for the Nets to remain there will soon hit the negotiating table. Prokhorov bought the Nets back in 2009, and was instrumental in helping them move from New Jersey to Brooklyn. He fully endorsed the team’s moves from a basketball operations standpoint, including the infamous 2013 trade with the Boston Celtics that failed miserably. The 53-year-old Tsai has reportedly been interested in the Nets sale for weeks. His net worth is estimated at $8.8 billion by Forbes, about the same as Prokhorov’s. I believe this is a sign that Prokhorov eventually does want to sell his entire stake in the Nets. When he bought the Nets back in 2009, he paid $223 million. They are now reportedly worth $2.3 billion. His investment paid off 10-fold, and he believes it’s time to take his money and run. As long as Tsai does not try and interfere with the basketball operations side, I see this as a good thing for the franchise. If he and Prokhorov continue to let Sean Marks and Kenny Atkinson do their jobs, all will be well. The Nets are no longer the laughingstocks of the NBA, so Prokhorov is choosing an excellent time to sell high. Post Views: 1,469 The following two tabs change content below.BioLatest Posts Jason Goldstein Jason Goldstein is a co host of the Baseline Jumper NBA podcast, recording every Tuesday night along Ben McDonald. Jason has also spent time as the Basketball Editor at DoubleGSports.com while also handling the Brooklyn Nets Lead Writer duties since October 2015. Latest posts by Jason Goldstein (see all) Will Weaver Named Head Coach of the Long Island Nets - July 17, 2018 Sean Marks sets up Nets for Future with more Brilliant Moves - July 13, 2018 Brooklyn Nets Strike Early in Free Agency - July 1, 2018 Nets land Dwight Howard in trade from Hornets - June 20, 2018 Related TopicsBrooklyn NetsFeatureJoseph TsaiKenny AtkinsonMikhail ProkhorovSean Marks Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Newsletter Subscription Can't Miss Posts! Women in Sports: NHL Network Host, Jackie Redmond by Nicholas Durst | posted on March 4, 2019 From Paramus High School to CBS Sports, Spero Dedes is making waves in sports broadcasting by Sunil Sunder Raj | posted on October 27, 2020 Lochte, Dressel and Ledecky all Chasing Gold at 2021 Tokyo Olympics by Anthony Paradiso | posted on April 18, 2021 Women in Sports: Podcast Host, New York Riptide Sideline Reporter, Dani Wexelman by Luke Porco | posted on March 3, 2020 You Know I’m Right, Episode 109: The Athletic’s Marc Carig (Audio/Video) by Nicholas Durst | posted on April 19, 2021 More in Basketball You Know I’m Right, Episode 111: New York Giants’ Insider John Schmeelk (Audio/Video) On the 111th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... You Know I’m Right, Episode 107: New York Post’s Columnist Mike Vaccaro (Audio/Video) On the 107th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... You Know I’m Right, Episode 97: SNY’s Michelle Margaux (Audio/Video) On the 97th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined SNY’s... WNBA Rolling Out Red Carpet For Upcoming 25th Anniversary Season The WNBA’s 25th season also marks the debut of the WNBA Commissioner’s Cup. The Knicks Need to Be Bad (So They Can Eventually Be Good) Knicks enter win column with two blowout victories