The deal is done. Nearly two years after Joe Tsai agreed to a buy a minority stake in the Nets, he became owner— “governor” in NBA parlance— of the Brooklyn Nets.
The NBA Board of Governors on Wednesday approved the sale of the Nets to the Taiwanese-Canadian entrepreneur, ending Mikhail Prokhorov’s run. In addition, Tsai closed on the sale of Barclays Center, which didn’t need league approval. According to various reports, the sale price was somewhere between $3.3 and $3.5 billion.
To run it all, Tsai, 55, hired David Levy, the respected former head of Turner Sports, as CEO of the team, arena and J Tsai Sports, his holding company which also controls the New York Liberty and his other sports investments in lacrosse and soccer.