Brooklyn Nets sale: Russian billionaire Prokhorov says it will have been ‘silly’ to reject provide from Alibaba proprietor Tsai

Russian businessman Mikhail Prokhorov has stated that “it will have been silly” to refuse a record-breaking deal proposed by Alibaba Group proprietor Joseph Tsai who purchased the NBA membership Brooklyn Nets.

The deal was formally concluded on Wednesday with Tsai changing into the only proprietor of the NBA group.

“Undoubtedly ,this was a novel enterprise challenge for me,” Prokhorov stated.

READ MORE: Russian billionaire Prokhorov to promote Brooklyn Nets to proprietor of Alibaba

“There was no different funding which might repay in such a brief time frame. I’ve offered the membership agreeing to the provide which might have been silly to show down.”

“This was a valuable expertise to work within the NBA and see all of the inside specifics from inside. I’m not speaking nearly business-processes. It’s of nice significance that the NBA maintains excessive requirements in all elements from scouting to bodily coaching and curing athletes. I’ve obtained a novel data which I can share with my basketball colleagues right here in Russia,” the businessman added.

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Tsai acquired a 49% share of the Nets final 12 months earlier than finishing the acquisition by shopping for the remaining 51% from Prokhorov.

The $ three.three billion deal makes the Nets the costliest group in American sports activities; it beats the earlier document set by David Tepper who purchased the NFL’s Carolina Panthers for $ 2.2 billion in 2018.