Mikhail Prokhorov Brooklyn Nets
Photo: Bleacher Report

As announced by the Brooklyn Nets, the deal between Mikhail Prokhorov and Joseph Tsai has been made official.

According to the team’s official announcement:

“Mikhail Prokhorov has entered into a definitive agreement to sell full ownership of Barclays Center and his 51% controlling interest in the Brooklyn Nets, which he has held through his company Onexim Sports and Entertainment Holding USA, Inc., to an entity controlled by Joe Tsai. With the purchase of Prokhorov’s shares of the Nets, Tsai will become the sole investor in the team. Tsai purchased 49% of the Nets in 2018.

Upon the closing of the arena and team transactions, which is expected by the end of September, Tsai will assume the role of Chairman of the Board of Directors for Barclays Center, and NBA Governor of the Nets and its affiliates. The transaction requires the approval of the NBA Board of Governors.”

According to the New York Post, the deal between the two sides will be for a record $2.35B.