Barclays Center and Brooklyn Nets Have New Owner

On August 16, 2019, it was announced that Russian billionaire Mikhail Prokhorov agreed to sell the Barclays Center and his controlling stake in the Brooklyn Nets to Joe Tsai, co-founder and Executive Vice Chairman of the Alibaba Group. The deal was reportedly worth $3.5 billion. It was long anticipated that Tsai, one of the world’s 150 richest people, would purchase the Nets as he already owned 49 percent of the franchise. The change in ownership continues what has been an already transformational summer for the Nets. The…
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The “Greatest Sports Business Deal Of All Time” Coming to an End?

The NBA, and more specifically, four of its teams, were on the wrong side of an historic windfall.  And now, they’re looking to get out of it. When the ABA merged with the NBA in 1976, the plan was to keep four of the league’s seven teams: the Denver Nuggets, San Antonio Spurs, New York (later New Jersey and now Brooklyn) Nets and Indiana Pacers. The Virginia Squires were folded by the ABA before the end of the season due to financial problems.  The Kentucky…
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