Joe Tsai's Reported $2.3B Purchase of Nets Approved by NBA Board of Governors

The Brooklyn Nets are officially Joe Tsai's franchise after Wednesday's vote by the NBA Board of Governors. 

Per Stefan Bondy of the New York Daily News, Tsai's purchase of the Nets was unanimously approved. 

Josh Kosman and Brian Lewis of the New York Post reported mid-August that Tsai was paying $2.35 billion for the remaining 51 percent ownership stake in the organization from Mikhail Prokhorov. 

In an official statement released when the sale was first announced, Tsai explained his vision for the Nets as their sole owner: 

"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago. He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. 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. I also want to thank Dmitry and Brett for their guidance and friendship, and I hope to see them often in Brooklyn. 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."

Tsai became the Nets co-owner, alongside Prokhorov, in April 2018 when he purchased a 49 percent stake with the total valuation of the organization being $2.35 billion, putting his initial investment around $1.15 billion. 

The Associated Press reported in August that Tsai will also purchase the Barclays Center from Prokhorov to bring the total value of the deal to almost $3.40 billion. 

The $2.35 billion purchase price for the Nets is the largest ever for a sports franchise, surpassing the $2.2 billion paid by Tilman Fertitta for the Houston Rockets and David Tepper paid for the Carolina Panthers. 

Tsai is taking over the Nets as they are on the rise in the Eastern Conference. The organization made the playoffs last season for the first time since 2014-15 and made headlines in free agency by signing Kevin Durant, Kyrie Irving and DeAndre Jordan.