April 13, 2018 / 6:35 AM / 3 months ago

Russia's Prokhorov sells 49 pct in Brooklyn Nets basketball team

MOSCOW, April 13 (Reuters) - Russian billionaire Mikhail Prokhorov has sold a 49-percent stake in the Brooklyn Nets basketball team to Joe Tsai, the executive vice chairman and co-founder of the Alibaba Group, the NBA team said in a statement.

Prokhorov will continue to be the team’s controlling owner through Onexim Sports and Entertainment Holding, and the sale will not affect its day-to-day management or basketball operations, the statement added.

Reporting by Denis Pinchuk Writing by Gabrielle Tétrault-Farber Editing by Christian Lowe

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