Mikhail Prokhorov has officially agreed to sell the Brooklyn Nets and Barclays Center to Joe Tsai on Friday, the team announced.
The sale is likely to be completed in September, following the approval of the NBA Board of Governors.
Tsai previous bought a 49 percent stake in the Nets for $1.1 billion in 2018. That purchase, plus the recent Friday announcements, brings to approximate total purchase near $2.35 billion. With Barclays Center included, the total nears $3.5 billion.
That figure is the high-ever price tag for a sports franchise purchase, surpassing the previous market set by the sale of the Houston Rockets in 2017 which hit $2.2 billion.
"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago. He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank," Tsai said via a release."I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful."
The Russian billionaire in Prokorov bought an 80 percent stake in the Nets in 2010 and moved the club from New Jersey to Brooklyn in 2012. He took over full ownership in 2015.
The final chapter of Prokorov's ownership will of course be highlighted by the signings of Kevin Durant and Kyrie Irving this offseason.
"It has been an honor and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," said Prokhorov. "The team is in a better place today than ever before and I know that Joe will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy."
Per the release, Brett Yormark, CEO of BSE Global, will oversee the transition to new ownership before departing for a new role. Yormark will announce his next career move in the coming weeks. ESPN's Adrian Wojnarowski has reported that former Turner Sports exec David Levy is being considered for the CEO role.
Tsai is a Taiwanese businessman on co-found of the e-commerce website Alibaba, an entity relatable to Amazon. His reported net worth is $9.4 billion.