SPORTS

Tsai completes purchase of Nets, arena, hires Levy as CEO

Brian Mahoney The Associated Press
Published Wednesday, September 18, 2019 12:23PM EDT

Joe Tsai speaks to reporters during a news conference before a WNBA exhibition basketball game between the New York Liberty and China, on May 9, 2019. (Mary Altaffer / AP)

Text:

NEW YORK -- 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.

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.