Latest On Nets’ Ownership Situation

Reports on a potential sale of the Nets have surfaced throughout the offseason, with current owner Mikhail Prokhorov publicly conveying a desire to sell up to 49% of the franchise and denying reports suggesting that he’d be willing to give up control of the team.

This week, a pair of new reports have provided some updates on that process, so let’s dive in and round up the highlights…

• Prokhorov is getting closer to selling the Nets, and multiple suitors are in the running to purchase 49% of the franchise, sources tell Josh Kosman of The New York Post. The proposed sale wouldn’t include ownership of Brooklyn’s Barclays Center, per Kosman.
• Although a potential buyer would only receive a minority stake in the club at this point, the proposed agreement would give that investor the right to buy a larger stake and become controlling owner of the franchise within three years, Kosman reports.
• In the wake of the Rockets selling for $2.2 billion, Prokhorov is seeking a sale price that values the Nets at over $2 billion as well. That means a 49% share of the franchise could be worth in the neighborhood of $1 billion.
• Two sources told Jessica Toonkel and Olivia Oran of Reuters that Alibaba executive vice chairman Joe Tsai is in advanced talks to buy a stake in the Nets. However, Alibaba spokesperson Jennifer Kuperman called it a “false” report. “Joe Tsai has never talked to the seller and he is not purchasing any stake in the Brooklyn Nets,” Kuperman said in a statement.
• Reuters’ initial report indicated that an agreement with Tsai could be finalized within the next few weeks, with a franchise valuation of about $2.2 billion. However, those sources cautioned that the deal could still fall apart.
• Kosman, who has previously reported Tsai’s interest in the Nets – which Alibaba denied at that time too – was unable to confirm whether the Taiwanese billionaire is currently in talks with the team.