Jay-Z still owns a small share of Brooklyn arena Barclays Center ("one fifth of one percent," according to Forbes), but he relinquished his stake on the Brooklyn Nets in 2013. The team and venue have most recently been co-owned by Russian billionaire Mikhail Prokhorov, who held a 51% controlling interest in The Nets through his company Onexim Sports and Entertainment Holding USA, Inc, and Canadian businessman and Alibaba Group cofounder Joseph Tsai, who purchased a 49% share of the team in 2018). Now Prokhorov has agreed to sell full ownership of Barclays Center, and his 51% of The Nets, to Tsai, NBA.com reports.
"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," Prokhorov said in a statement.
Tsai made a statement of his own, reading, "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."
As part of the deal, BSE Global (aka Brooklyn Sports and Entertainment, who also oversees operations at Webster Hall and The New Coliseum in addition to Barclays Center) CEO, Brett Yormark, will step down from his role. "When I was hired nearly 15 years ago," he said in a statement to NBA.com, "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."
According to NBA.com, "this transaction has no impact on Webster Hall and NYCB LIVE, including its surrounding Hub development, which will continue to be managed by Onexim," who are part of a partnership with BSE Global.
Speaking of Jay-Z, his company Roc Nation entered into a partnership with the NFL as "live music entertainment strategists," a move that's been controversial to people like Nessa Diab, Colin Kaepernick's partner.