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Brooklyn Nets owner Mikhail Prokhorov says he’s selling 49 percent of Nets

Discussion in 'NBA Dish' started by zeeshan2, Apr 21, 2017.

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  1. yoeddy

    yoeddy Contributing Member

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    He lives in San Diego and has also invested in a Major League Lacrosse expansion team for San Diego as well. He played lacrosse at Yale...
     
  2. yoeddy

    yoeddy Contributing Member

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    Yes...Ivy League guy, definitely a Lin fan.
     
  3. AvgJoe

    AvgJoe Contributing Member

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    Tinman, be glad he didn't buy Rockets and force a trade to get Lin....would have been your worst nightmare.
     
  4. tinman

    tinman Contributing Member
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    This dude graduated from Ivy League, he's not dumb enough to play Lin over Harden or Chris Paul
     
  5. AvgJoe

    AvgJoe Contributing Member

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    Maybe so, doesn't mean Lin cannot be the backup PG (if he can bounce back from the injury). To the team it may not matter a whole lot, but to the forum and you particularly....
     
  6. tinman

    tinman Contributing Member
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    Depends on his recovery and actually there was an article about salary cap space and what Lin's injury affects it.

    http://nypost.com/2017/10/20/why-jeremy-lins-injury-leaves-nets-with-a-financial-headache/

    Why Jeremy Lin’s injury leaves Nets with a financial headache
    By Brian Lewis

    October 20, 2017 | 9:53pm

    It’s not a good sign that they have had to see it twice. Lin has started just 34 games through the first two seasons of a three-year, $36 million deal.

    While Lin had looked like a prime candidate to opt out of his deal next summer (which would leave the Nets close to being able to chase a max free agent) or to be traded beforehand, now he will be almost certain to opt in.

    That would leave the Nets with less than $13 million in cap room. The Nets could stretch him — putting $4 million on the books the next three seasons — but considering they still have Deron Williams’ dead money on the books, would they?

    These are the tough decisions Marks has to make going forward.
     
  7. AvgJoe

    AvgJoe Contributing Member

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    Interesting read, but they have been in a "headache" ever since they got raped by Boston years ago during that trade....
     
  8. tinman

    tinman Contributing Member
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    That was the old owner. Everything starts new.
    For the Nets fans, I think they hope the owner:
    1. cares about winning
    2. doesn't move the team
     
  9. tinman

    tinman Contributing Member
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    LOF Blade = LOF
     
  10. toycannon

    toycannon Member

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    Go back to the 5th Dimension LOF!!!!! LOF=mc2
     
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  11. toycannon

    toycannon Member

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    Wow...these Asian Chicks are super sexy and I like the last one with Starbury. We need more of us bros getting with these hot Asian babes!!!
     
  12. Carl Herrera

    Carl Herrera Contributing Member

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    How can Trump let this happen?
     
  13. J.R.

    J.R. Contributing Member

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    Meet the new owner of the Brooklyn Nets.

    Joseph Tsai, the billionaire co-founder of e-commerce giant Alibaba, is close to signing a deal to buy the 51 percent of the Brooklyn Nets he does not already own from Russian billionaire Mikhail Prokhorov, sources told The Post.

    The deal is expected to be announced this week, sources said.

    The $2.35 billion transaction would mark the highest price ever paid for a sports franchise — beating hedge fund owner David Tepper’s $2.2 billion acquisition last year of the NFL’s Carolina Panthers, and Tilman Fertitta’s $2.2 billion purchase of the NBA’s Houston Rockets in 2017.

    Tsai already owns 49 percent of the team, which he bought for $1 billion last year. At that time, the 55-year-old businessman locked in the right to buy the remaining 51 percent of the team before the 2021-2022 basketball season, for an additional $1.35 billion.

    If Tsai signs off on the deal, he’ll be exercising his right to buy the remaining 51 percent of the team from Prokhorov two seasons early.

    Forbes estimates Tsai — the vice chair of Alibaba, the Chinese equivalent of Amazon — is worth $9.9 billion. The Taiwan native is known to speak positively of the Chinese government, sources said.

    But that is actually a plus for the NBA, which is seeking to grow its presence in China, sources have told The Post. Tsai is a member of NBA China, which conducts league business in that country, even though he doesn’t yet control a team.

    The Nets declined to comment.

    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.
     
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  14. Deckard

    Deckard Blade Runner
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    Yuck. Maybe Fertitta can sell him the font the Rockets use on their uniforms and on other things for a pile of money. One can only hope.
     
  15. TilmanFinancialWindfall

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    I assume Mr. Tsai does not have a cash flow problem.
     
  16. TilmanFinancialWindfall

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    [​IMG]
     
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  17. yoeddy

    yoeddy Contributing Member

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    He's worth about $10B.
     
  18. PhiSlammaJamma

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    As long as none of this impacts Houston as "China's team" then good for the both Tsai getting in and Proko for cashing out.

    So what is the math in the end, did he make abut 1B when his real estate venture in Barclay is sold. If you can triple or quadruple your value in 9 years while losing money each year who cares about luxury taxes and perennial cash losses. You win. He's probably not even selling high. Durant should skyrocket the team into at least one more stratosphere.
     
  19. daywalker02

    daywalker02 Easter Egg Hunter - Tell me why? نحن عائلة
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    Never seen him with Jack Ma but he seemed to be a co-founder.

    Someone mail Joseph that Durant is not going to be the same, lelz, but good thing hopping on the bandwagon now.
     
  20. yoeddy

    yoeddy Contributing Member

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    As a Nets fan, one thing that has been very clear to me since he first invested in the team is that Joe Tsai is very much into sports. This is not some vanity investment for him, it's definitely a passion investment. He was a collegiate athlete (lacrosse at Yale), so he's going to understand the impact of things like injury on Durant.
     
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