Joseph Tsai To Buy Remainder Of Nets For $2.2 Billion In Total

Post #1 » by **RealGM Wiretap** » Wed Aug 14, 2019 2:38 am

Joseph Tsai is close to buying the remaining 51 percent of the Brooklyn Nets he does not already own from Mikhail Prokhorov.

Tsai already owns 49 percent of the team, which he bought for $1 billion last year. The total cost of the team will be $2.35 billion. Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017.

The Nets are expected to have an increase of revenues from 10 percent to 15 percent.

Tsai is worth an estimated $9.9 billion.

Via Josh Kosman, Brian Lewis/New York Post

IWishIWasHarden · Post #2 » by **IWishIWasHarden** » Wed Aug 14, 2019 3:38 am

What a dismal effort by the Russian.

kombayn · Post #3 » by **kombayn** » Wed Aug 14, 2019 5:48 am

IWishIWasHarden wrote:What a dismal effort by the Russian.

What a sell though!!! Full circle. Quite a completion. Clippers vs Nets next for.4 to 5 years.

2LeTTeRS · Post #4 » by **2LeTTeRS** » Wed Aug 14, 2019 6:37 am

IWishIWasHarden wrote:What a dismal effort by the Russian.

In terms of wins and losses; but what a financial windfall this ended up being for him.

Ccwatercraft · Post #5 » by **Ccwatercraft** » Wed Aug 14, 2019 12:45 pm

2LeTTeRS wrote:
IWishIWasHarden wrote:What a dismal effort by the Russian.

In terms of wins and losses; but what a financial windfall this ended up being for him.

Yes, he made a ton of profit. Good for him

Killboard · Post #6 » by **Killboard** » Wed Aug 14, 2019 1:03 pm

2LeTTeRS wrote:
IWishIWasHarden wrote:What a dismal effort by the Russian.

He invested 365M initially for 80% of the team and 45% of Barclays Center operating rights in 2010, then bought the remaining stakes in the Nets and Barclays at a valuation of $1700M in 2015, and now is selling for 2300M, but keeps rights to Barclays. That seems solid business.

Basketball wise he bought a 12 wins team team in September of 2009 with a roster of Lopez, Courtney Lee and Devin Harris. He leaves a 42 wins team who added 2 all-nba player for the next 4 years in addition to J. Allen, Levert and Dinwiddie. He also flipped Billy King for Sean Marks.

That's pretty awesome.

saltybs · Post #7 » by **saltybs** » Wed Aug 14, 2019 1:22 pm

If Prokhorov really gets to keep full ownership of the Barclay's Center in this deal then bravo. That place seems like a smashing success. There's events there nearly every night and the major residential project that was supposed to go up around it hasn't really even happened yet. Once another 15,000 people are living within a stones throw the arena is going to be worth even more...

Looogie · Post #8 » by **Looogie** » Wed Aug 14, 2019 5:55 pm

saltybs wrote:If Prokhorov really gets to keep full ownership of the Barclay's Center in this deal then bravo. That place seems like a smashing success. There's events there nearly every night and the major residential project that was supposed to go up around it hasn't really even happened yet. Once another 15,000 people are living within a stones throw the arena is going to be worth even more...

The Post reported exclusively in March that Tsai was in talks to buy the Barclays Center and the new Nassau Coliseum in Uniondale, purchases that would pave the way for him to get NBA approval to buy the team. The NBA pushes its owners to also own their arenas, and that is one of the reasons Tsai will also be acquiring the Barclays Center, sources said.