Russian Billionaire Sells Brooklyn Nets

It was a year ago when Nets owner Mikhail Prokhorov sold 49% of the Brooklyn Nets to Joe Tsai for $1 billion. Friday it was announced that he would sell the last 51% to Tsai for $1.35 billion. He will also be purchasing the Barclays Center for another $1 billion.

This purchase does still need to go through the NBA board of governors, but they agreed with the first purchase, so the second seems to be just a formality. A formality that will be finalized in September. This means that Brett Yormark, CEO of the Nets since 2005, will step down from his position.

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