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Barclays

Mikhail Prokhorov To Sell Full Ownership of Barclays Center and Controlling Interest in The Brooklyn Nets

Barclays Center. Rhododendrites [CC BY-SA 4.0], via Wikimedia Commons
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BROOKLYN (CelebrityAccess) – 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.

The current management team will continue to run the venue and team under new ownership. Brett Yormark, CEO of BSE Global, will oversee the transition to new ownership before departing for a new role, which he will announce in the coming weeks.

Commenting on the sale, Prokhorov said: “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 while cultivating global appeal. The team is in a better place today than ever before and I know that Joe will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy. Without Brett’s innovative foresight and leadership, we would not be where we are today with the Nets and Barclays Center. Brett had always made it clear to me that when the arena and team sold, he would move on and begin his next journey. Thank you to Brett, who has been a true partner and friend over the past 15 years.”

Added Tsai: “I’ve had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago. He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail’s vision, which put the Nets in a great position to compete, and for which I am incredibly grateful. I also want to thank Dmitry and Brett for their guidance and friendship, and I hope to see them often in Brooklyn. We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York.”

Yormark said: “I want to personally thank Mikhail and Onexim CEO Dmitry Razumov for their loyalty and support. We have shared an incredible partnership and I am so grateful to have been part of this team. When I was hired nearly 15 years ago, my goal was to realize the vision for Barclays Center, move the Nets to Brooklyn, and build a world-class sports and entertainment company. It has been a tremendous honor leading BSE Global, and working alongside some of the most brilliant professionals in the industry. I have always envisioned beginning my next chapter when Mikhail and Dmitry sold the arena and the team, and with today’s announcement, that time has come. I have the utmost confidence that Joe and his group, alongside current management, will continue to lead the way in shaping a strong future for Barclays Center and the Brooklyn Nets. While overseeing a smooth transition of Barclays Center and the Nets to new ownership, I will also continue to oversee Mikhail’s other Onexim assets.”

This transaction has no impact on Webster Hall and NYCB LIVE, including its surrounding Hub development, which will continue to be managed by Onexim.

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