Tsai completes purchase of Nets, arena

AP Basketball Writer

Tsai completes purchase of Nets, arena, hires Levy as CEOBy BRIAN MAHONEY

NEW YORK (AP) The Brooklyn Nets have a new owner and a new CEO.

Alibaba co-founder Joe Tsai completed his purchase of the team and Barclays Center on Wednesday, then announced that he had hired former Turner Sports President David Levy to oversee both.

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Tsai’s purchase of the Nets was unanimously approved Wednesday by the NBA’s board of governors. He spent nearly $3.5 billion for the team and the arena, a record sale for a U.S. sports franchise.

He already had purchased 49% of the team from Russian billionaire Mikhail Prokhorov in 2018, with the option to become controlling owner in 2021, but pushed up that timeline for full ownership of the team.

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More AP NBA: https://apnews.com/NBA and https://twitter.com/AP-Sports

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