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Brooklyn Nets owner Prokhorov to sell stake to Taiwanese billionaire

Brooklyn Nets owner Prokhorov to sell stake to Taiwanese billionaire

The report said the deal also includes an option for Tsai to acquire a controlling interest in several years.

According to Forbes Magazine's most recent valuations, the team was only worth $1.8 billion.

The 53-year-old Tsai won't be able to take part in operations due to his minority stake in the franchise, and since the deal excludes the acquisition of the Barclays Center in Brooklyn - Prokhorov is expected to renew a lease for the arena, since he owns the area.

A deal would make the Brooklyn Nets the second National Basketball Association team to be worth more than $2 billion, demonstrating the increasing value of these teams as TV networks and advertisers pour money into live sports. Prokhorov could then sell his majority stake when Tsai's option is triggered, according to ESPN. Prokhorov has the right to keep a 20 percent stake in the team, the people said. That purchase from real estate developer Bruce Ratner's Forest City Enterprises Inc. valued the team at $875 million and the building at $825 million, including debt.




That's likely to be the only title Prokhorov wins as owner of the Nets. They didn't. The Nets haven't had a winning season since the 2013-14 campaign, finishing last season with a 20-62 record.

While Prokhorov, who has held a majority stake in the Nets since 2010, will retain the right to make team and business decisions, sources told ESPN that the deal was done with the expectation that Tsai would eventually replace the Russian billionaire as the primary owner through a majority stake.

Tsai reportedly "expressed enthusiasm" over the Nets rebuilding direction with general manager Sean Marks and head coach Kenny Atkinson.

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