With approval by the NBA Board of Governors, Joe Tsai’s acquisition of the Brooklyn Nets is finally complete.
It finally happened. After months of murmurs and whisperings, the New York Daily News‘ Stefan Bondy reported that the NBA Board of Governors approved the sale of the Brooklyn Nets to e-commerce mogul, Joseph Tsai.
Back on Aug. 16, the New York Post’s Josh Kosman and Brian Lewis originally reported that Tsai was closing in on purchasing the remaining 51% of the Nets’ ownership for a record-setting $2.35 billion price tag. With the deal finally closed, it’s safe to say we can kiss the Mikhail Prokhorov era goodbye and say hello to a Joe Tsai future.
NBA Commissioner, Adam Silver, shared his thoughts on the sale:
“We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets,” said Adam Silver. “In addition to being a passionate basketball fan, Joe is one of China’s preeminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league’s efforts to grow the game in China and other global markets. I would also like to thank Mikhail Prokhorov and Dmitry Razumov for their enormous contributions to the Brooklyn community, the Nets organization and the league. They leave a thriving team, well-positioned for the future.”
Given that Brooklyn’s roster is mostly filled out, it’s safe to assume that most of Tsai’s early moves will entail building out the Nets’ brand. As mentioned by Silver, Tsai’s background will certainly fuel a greater international fan interest. Tsai has a ton of pull in China—the leading international market for NBA basketball.
Already, Tsai has taken the right steps in building a new future for Brooklyn’s front office. This week, he appointed sought-after executive, David Levy, as the Nets’ newest CEO (replacing Brett Yormark). Levy comes with 32 years of experience as the president of Turner Broadcasting. His esteemed expertise will aid in handling the Nets’ TV rights and franchise operations.