Brooklyn Nets sale: Russian billionaire Prokhorov says it would have been 'stupid' to reject offer from Alibaba owner Tsai

Russian businessman Mikhail Prokhorov has said that “it would have been stupid” to refuse a record-breaking deal proposed by Alibaba Group owner Joseph Tsai who bought the NBA club Brooklyn Nets.

The deal was officially concluded on Wednesday with Tsai becoming the sole owner of the NBA team.

“Undoubtedly ,this was a unique business project for me,” Prokhorov said.

READ MORE: Russian billionaire Prokhorov to sell Brooklyn Nets to owner of Alibaba

“There has been no other investment which would pay off in such a short period of time. I have sold the club agreeing to the offer which would have been stupid to turn down.”

“This was a precious experience to work in the NBA and see all the inner specifics from inside. I’m not talking just about business-processes. It’s of great importance that the NBA maintains high standards in all aspects from scouting to physical training and curing athletes. I have obtained a unique knowledge which I can share with my basketball colleagues here in Russia,” the businessman added.

Tsai acquired a 49% share of the Nets last year before completing the purchase by buying the remaining 51% from Prokhorov.

The $3.3 billion deal makes the Nets the most expensive team in American sports; it beats the previous record set by David Tepper who bought the NFL’s Carolina Panthers for $2.2 billion in 2018.