Joseph Tsai buys 49% of Nets. Has option to buy remaining in 4 years. Total valuation: 2.3 Billion.

 
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saetarubia
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PostPosted: Fri Oct 27, 2017 8:56 am    Post subject: Joseph Tsai buys 49% of Nets. Has option to buy remaining in 4 years. Total valuation: 2.3 Billion.

Joseph Tsai agrees to purchase 49 percent minority stake in Nets

Joseph Tsai, the executive vice chairman and co-founder of Chinese e-commerce goliath Alibaba, has reached an agreement in principle to purchase a 49 percent minority stake in the Brooklyn Nets that includes the option to acquire controlling interest of the NBA franchise in 2021, league sources told ESPN.

The purchase price will be based on a $2.3 billion valuation of the team, league sources said. The sales price of $2.3 billion eclipses the NBA-record $2.2 billion that Tilman Fertitta recently paid to purchase the Houston Rockets.

Mikhail Prokhorov will remain principal and operating owner of the Nets for an additional four years, with a presumption that he will sell his majority stake upon the triggering of Tsai's option, league sources said.

The deal excludes the acquisition of the Barclays Center in Brooklyn, sources said

http://www.espn.com/nba/story/_/id/21181226/alibaba-co-founder-joseph-tsai-agrees-purchase-49-percent-minority-stake-brooklyn-nets
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saetarubia
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PostPosted: Fri Oct 27, 2017 8:59 am    Post subject:

Prokhorov agreed to purchase the team in September 2009, ultimately taking control in May 2010. He paid Bruce Ratner and his investment group $223 million in cash for 80 percent of the team and 45 percent of the arena, then still under construction in Brooklyn. He also agreed to assume $160 million in team debt and cover $60 million in basketball operations costs. At the end of 2015, Prokhorov bought out Ratner and his investment group paying less than $300 million.

A $2.3 billion evaluation for the team alone represents more than a 10-fold increase in Prokhorov’s investment ... and the sale agreement permits Prokhorov to retain ownership in Barclays Center, which has a valuation of nearly $2 billion.

https://www.netsdaily.com/2017/10/27/16556942/mikhail-prokhorov-selling-49-percent-of-nets-to-joseph-tsai-of-taiwan?utm_campaign=netsdaily&utm_content=chorus&utm_medium=social&utm_source=twitter
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PostPosted: Fri Oct 27, 2017 9:33 am    Post subject:

Russian genius. Will walk away with all that money. No wonder he green lit reckless trades with Boston, not really a fan, and not really interested in the long term health of the Nets.
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yinoma2001
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PostPosted: Fri Oct 27, 2017 9:43 am    Post subject:

saetarubia wrote:
Prokhorov agreed to purchase the team in September 2009, ultimately taking control in May 2010. He paid Bruce Ratner and his investment group $223 million in cash for 80 percent of the team and 45 percent of the arena, then still under construction in Brooklyn. He also agreed to assume $160 million in team debt and cover $60 million in basketball operations costs. At the end of 2015, Prokhorov bought out Ratner and his investment group paying less than $300 million.

A $2.3 billion evaluation for the team alone represents more than a 10-fold increase in Prokhorov’s investment ... and the sale agreement permits Prokhorov to retain ownership in Barclays Center, which has a valuation of nearly $2 billion.

https://www.netsdaily.com/2017/10/27/16556942/mikhail-prokhorov-selling-49-percent-of-nets-to-joseph-tsai-of-taiwan?utm_campaign=netsdaily&utm_content=chorus&utm_medium=social&utm_source=twitter


Wow. He wins.
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saetarubia
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PostPosted: Fri Oct 27, 2017 10:34 am    Post subject:

Bloomberg: Prokhorov has right to keep 20% of Nets once Tsai exercises his right to buy controlling interest in 2021

https://www.bloomberg.com/news/articles/2017-10-27/alibaba-s-tsai-said-to-purchase-nba-s-nets-in-2-3-billion-deal
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numero-ocho
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PostPosted: Fri Oct 27, 2017 12:18 pm    Post subject:

Runway8 wrote:
Russian genius. Will walk away with all that money. No wonder he green lit reckless trades with Boston, not really a fan, and not really interested in the long term health of the Nets.


Hopefully, the future owner will bring some passion to ownership.

Quote:
He has a rich personal history with athletics, including his days as a high school lacrosse and football player at the Lawrenceville School in New Jersey. Tsai was an avid pickup basketball player at Yale and has been a significant NBA fan for years.

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PostPosted: Fri Oct 27, 2017 12:41 pm    Post subject:

If Nets are worth 2.3b, the Lakers are worth...
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saetarubia
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PostPosted: Fri Oct 27, 2017 12:45 pm    Post subject:

yinoma2001 wrote:
If Nets are worth 2.3b, the Lakers are worth...


Nets make the least from local revenue in NBA as well - 36 M. 20 M TV contract. Lakers are by far the most profitable in NBA. I guess only a select few could even afford Lakers if they were put on sale.
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PostPosted: Fri Oct 27, 2017 1:20 pm    Post subject:

Seems like having Jeremy Lin can boost value of your team like Houston.
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lakersken80
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PostPosted: Sun Oct 29, 2017 11:37 pm    Post subject:

Guess Jeremy Lin will now have a team to fall back on even after his injuries.
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PostPosted: Mon Oct 30, 2017 6:50 am    Post subject:

Hold up... $2billion profit in only 8 years
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PostPosted: Mon Oct 30, 2017 11:03 pm    Post subject:

yinoma2001 wrote:
If Nets are worth 2.3b, the Lakers are worth...


These are Forbes' most recent numbers:

1. Dallas Cowboys, $4.2 billion, 5% (NFL)

2. New York Yankees, $3.7 billion, 9% (MLB)

3. Manchester United, $3.69 billion, 11% (Soccer)

4. Barcelona, $3.64 billion, 2% (Soccer)

5. Real Madrid, $3.58 billion, -2% (Soccer)

6. New England Patriots, $3.4 billion, 6% (NFL)

7. New York Knicks, $3.3 billion, 10% (NBA)

8. New York Giants, $3.1 billion, 11% (NFL)

9. San Francisco 49ers, $3 billion, 11% (NFL)

9. Los Angeles Lakers, $3 billion, 11% (NBA)

They had the Brooklyn Nets at $1.8 billion. I would expect it to take a bid over $4 billion to buy the Lakers. They are very profitable and their brand is bullet proof.
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PostPosted: Tue Oct 31, 2017 9:58 am    Post subject:

yinoma2001 wrote:
If Nets are worth 2.3b, the Lakers are worth...


Probably $3 billion
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yinoma2001
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PostPosted: Tue Oct 31, 2017 9:59 am    Post subject:

I think Lakers, with their favorable TV deal and brand name would fetch over 4 billion.

And maybe the Buss kids should take the money and run.
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