Aug. 16 (UPI) -- Russian billionaire Mikhail Prokhorov agreed to sell his remaining 51 percent stake in the Brooklyn Nets and full ownership of Barclays Center, the team announced Friday.
The Nets announced Prokhorov sold his shares of the team to an entity controlled by Joe Tsai. After the purchase of Prokhorov's stake of the team, Tsai will become the sole investor in the Nets.
The transaction requires the approval of the NBA's board of governors. According to the team, the deal is expected to be finalized by the end of September. Brett Yormark, who has served as CEO of the Nets since 2005, will step down from his position after overseeing the ownership transition.
"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," Prokhorov said in a statement. "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."
Tsai, 55, is the co-founder of Alibaba, one of the world's largest e-commerce companies. He agreed to pay $1 billion last year for a 49 percent stake of the Nets and will spend an additional $1.35 billion for the remaining 51 percent share, according to the New York Post.
Tsai will pay about $1 billion in a separate deal to acquire the arena rights to Barclays Center, according to Forbes. In total, the combined cost to purchase the franchise is expected to be about $3.3 billion, surpassing the record sale price of a sports team set by David Tepper's purchase of the NFL's Carolina Panthers ($2.28 billion) last year.