The sale of the Nets and its arena will smash the previous record for a sports team sale of $2.28 billion set last year for the NFL's Carolina Panthers.
Buying control of the arena is an important, albeit expensive, step for Tsai. He secured an amended lease to the arena during the 2018 agreement that steered most basketball revenue to the club instead of the arena company. But under the original agreement, Prokhorov had retained control of the revenue for concerts and other non-Nets events at the Barclays Center. The NBA strongly prefers that its clubs control the operating rights for the buildings in the which they play.
The Nets kicked off a new TV deal during the 2017-18 season that averages $50 million a year. Tsai must hope his new stars can raise the bar at Barclays though. The Nets ranked last in the NBA in attendance last season at 14,941 per game after finishing 29th the previous year.
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