Barclays Center And Brooklyn Nets Sold To Alibaba Billionaire

BROOKLYN, NEW YORK — The Barclays Center and Brooklyn Nets have been sold to a billionaire who co-founded China's version of Amazon, Alibaba.

Russian businessman Mikhail Prokhorov sold his shares in the Atlantic Avenue arena and its National Basketball Association team to Joe Tsai, who bought 49 percent of the Nets last year, a representative confirmed Friday morning.

The deal is expected to close in September, at which point Tai will become Barclays Center chairman and NBA Governor of the Nets.

“It has been an honor and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community,” said Prokhorov. “I know that Joe will build on that success."

Representatives did not disclose how much Tsai paid for Prokhorov's shares in the arena and team, but a source told Bloomberg News it was roughly $3.5 billion.