Brooklyn Nets (before New Jersey Nets)

History

2019: Prokhorov sold Brooklyn Nets to the cofounder of Alibaba

On August 16, 2019 the Russian businessman Mikhail Prokhorov  signed the sales agreement him Brooklyn Nets basketball club to the Chinese entrepreneur Joseph Cai who is a cofounder and the acting vice president of Alibaba Group company.

Prokhorov sold a 51 percent share in Brooklyn Nets. Before Cai owned 49%, and now he became the only owner of team. Besides, Joseph Cai redeemed from Prokhorov the arena of Barclays of Center in New York — the home platform Brooklyn Nets.

Mikhail Prokhorov sold basketball club to the cofounder of Alibaba

The cost of the transaction of the party was decided not to be disclosed. According to the Bloomberg agency, the speech can go about the amount of $3.5 billion. Closing of the transaction is planned for the end of September, 2019, at first board of governors of the National Basketball Association (NBA) should approve it.

Sale of Brooklyn Nets became record for sports clubs. Before the most expensive transactions were made with Huston Rokets (NBA) and Carolina Panters (the American soccer). For them in 2017 and 2018 it was respectively paid for $2.2 billion.

In the rating of the richest people of Russia from Forbes for 2019 Mikhail Prokhorov takes the 12th place with a status in $9.8 billion Software to estimates of Bloomberg, Joseph Cai's status makes $10.3 billion^[1]

2015: Prokhorov became the only owner of Brooklyn Nets

In 2015 Prokhorov closed the deal on purchase of the remained 20% of stocks of club and became the individual owner of Brooklyn Nets. In what amount the transaction cost the Russian entrepreneur, it was not reported, but experts estimated club together with stadium at $1.7 billion.

2009-2012: Prokhorov took 80% of shares of club and replaced the name

Prokhorov took 80% of shares of club in 2009 for $223 million, then it was called "New Jersey Nets". In May, 2010 the transaction was approved by NBA, in April, 2012 the league issued consent to moving of a command for the new arena which is located in the New York district of Brooklyn in this connection the club replaced the name and an emblem.

Notes