Russia’s Prokhorov sells 49% stake in Brooklyn Nets basketball team

Nathaniel S. Butler | NBAE via Getty Images

Majority Owner Mikhail Prokhorov of the Brooklyn Nets addresses the media during a press conference prior to a game between the Atlanta Hawks and the Brooklyn Nets on April 8, 2015 at Barclays Center in Brooklyn, NY.

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.