Alibaba Founder Joseph Tsai Buys Full Ownership Of Brooklyn Nets

(RTTNews) - Alibaba co-founder Joseph Tsai has agreed to buy the remaining 51% stake of Brooklyn Nets he doesn't already own as well as the Barclays Center from Russian e-commerce billionaire Mikhail Prokhorov.

The deal allows Prokhorov to retain control of NYCB Live's Nassau Coliseum. As part of the arrangement, Brett Yormark will step down from his role as chief executive officer of BSE Global, which operates both the Nets and the Brooklyn arena.

"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," Prokhorov said in a press release.

"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."

Tsai, who previously owned 49% of the basketball team, now has become the sole owner of the Nets. Tsai had acquired the stake in Nets for $1 billion in 2017. A right allowed him to buy the remaining 51% within four years for an additional $1.35 billion.

"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago — he supported the organization with all his resources, and he refused to tank," said Tsai. "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."