The co-founder of Chinese e-commerce giant Alibaba Joseph Tsai plans to buy the Barclays Center from the venue’s current owner Mikhail Prokhorov. Tsai, who already owns 49 percent of the Brooklyn Nets since 2018, will also purchase Prokhorov’s remaining shares, making him the sole investor of the team. 

“I’ve had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago,” said Tsai. “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. 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.”

The current management team will continue to run the venue and team under the new ownership, according to a statement. 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.

“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,” said Prokhorov. “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.“

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