Editing Brooklyn Nets (section)

==Management==
On September 18, 2019, [[Joseph Tsai]], the executive vice chairman of the [[Alibaba Group]], completed the acquisition of full ownership of the Brooklyn Nets. With the closing of the transaction, Tsai became NBA Governor of the Nets and its affiliates.<ref>{{cite news|title=NBA Board of Governors approves sale of Nets to Joe Tsai|url=https://www.nba.com/article/2019/09/18/nba-approves-nets-sale-joe-tsai-david-levy-ceo|website=NBA.com|date=September 18, 2019|access-date=September 19, 2019|archive-date=September 18, 2019|archive-url=https://web.archive.org/web/20190918233153/https://www.nba.com/article/2019/09/18/nba-approves-nets-sale-joe-tsai-david-levy-ceo|url-status=live}}</ref> Additionally, former [[Turner Broadcasting]] president David Levy was named CEO of the Nets and Barclays Center.<ref>{{cite news|title=Leading Media and Sports Executive David Levy Appointed Chief Executive Officer of Brooklyn Nets and Barclays Center|url=https://www.nba.com/nets/2019/09/18/david-levy-appointed-chief-executive-officer-of-brooklyn-nets-and-barclays-center|website=BrooklynNets.com|date=September 18, 2019|access-date=September 18, 2019|archive-date=September 26, 2019|archive-url=https://web.archive.org/web/20190926014931/https://www.nba.com/nets/2019/09/18/david-levy-appointed-chief-executive-officer-of-brooklyn-nets-and-barclays-center|url-status=live}}</ref><ref>{{cite news|last=Speer|first=Deborah|title=Tsai Completes Acquisition Of Barclays Center, Brooklyn Nets; Names David Levy CEO|url=https://www.pollstar.com/article/tsai-completes-acquisition-of-barclays-center-brooklyn-nets-names-david-levy-ceo-141070|website=Pollstar.com|date=September 18, 2019|access-date=September 19, 2019|archive-date=September 20, 2019|archive-url=https://web.archive.org/web/20190920214658/https://www.pollstar.com/article/tsai-completes-acquisition-of-barclays-center-brooklyn-nets-names-david-levy-ceo-141070|url-status=live}}</ref> On November 12, the Nets and Barclays Center announced that David Levy would step down from the CEO position he had assumed less than two months before. Oliver Weisberg, president of Tsai's holding company J Tsai Sports, assumed an interim CEO role.<ref>{{cite news|title=Nets, David Levy agree to part ways|url=https://www.nba.com/article/2019/11/12/nets-david-levy-agree-part-ways|website=NBA.com|date=November 12, 2019|access-date=December 11, 2019|archive-date=November 12, 2019|archive-url=https://web.archive.org/web/20191112210822/https://www.nba.com/article/2019/11/12/nets-david-levy-agree-part-ways|url-status=live}}</ref><ref>{{cite news|last1=Deb|first1=Sopan|last2=Draper|first2=Kevin|title=Nets C.E.O. Abruptly Steps Down|url=https://www.nytimes.com/2019/11/12/sports/basketball/nets-ceo-levy-resigns.html|newspaper=[[The New York Times]]|date=November 12, 2019|access-date=December 11, 2019|archive-date=December 11, 2019|archive-url=https://web.archive.org/web/20191211010846/https://www.nytimes.com/2019/11/12/sports/basketball/nets-ceo-levy-resigns.html|url-status=live}}</ref>

===Ownership history===
The original owner of the Nets franchise was trucking magnate Arthur J. Brown, who founded the team in 1967. The next year, Brown sold the team for $1.1 million to entrepreneur [[Roy Boe]].<ref>{{cite web|title=Arthur J. Brown, 78, Former Owner of Nets|url=https://www.nytimes.com/1989/12/24/obituaries/arthur-j-brown-78-former-owner-of-nets.html|work=[[The New York Times]]|access-date=June 20, 2014|date=December 24, 1989|archive-date=August 11, 2014|archive-url=https://web.archive.org/web/20140811011947/http://www.nytimes.com/1989/12/24/obituaries/arthur-j-brown-78-former-owner-of-nets.html|url-status=live}}</ref> Due to financial losses suffered while the team was on Long Island, Boe moved the team back to New Jersey in 1977 and sold the team a year later to a group of seven local businessmen led by [[Alan N. Cohen]] and Joseph Taub, who became known as the "[[Secaucus, New Jersey|Secaucus]] Seven".<ref>{{cite web|title=Boe owned Nets, Islanders in 1970s|url=https://www.espn.com/nba/news/story?id=4242513|website=[[ESPN]]|agency=[[Associated Press]]|access-date=June 20, 2014|date=June 8, 2009|archive-date=August 10, 2014|archive-url=https://web.archive.org/web/20140810154822/http://sports.espn.go.com/nba/news/story?id=4242513|url-status=live}}</ref>

After a lengthy ownership of the franchise and numerous unsuccessful attempts to improve the financial situation of the team, the "Secaucus Seven" finally sold the team in 1998 to a group of local real estate developers led by [[Raymond Chambers]] and [[Lewis Katz]],<ref name="Lewis Katz death">{{cite web|last1=Stubits|first1=Brian|title=Lewis Katz, former owner of Devils, Nets, dies in plane crash|url=http://www.cbssports.com/nhl/eye-on-hockey/24578495/lewis-katz-former-owner-of-devils-nets-dies-in-plane-crash|work=[[CBS Sports]]|access-date=June 20, 2014|date=June 1, 2014|archive-date=June 6, 2014|archive-url=https://web.archive.org/web/20140606210637/http://www.cbssports.com/nhl/eye-on-hockey/24578495/lewis-katz-former-owner-of-devils-nets-dies-in-plane-crash|url-status=live}}</ref> who called themselves the "Community Youth Organization" and wanted to move the team to [[Newark, New Jersey]]. The next year the group signed an agreement with [[New York Yankees]] owner [[George Steinbrenner]] to form [[Yankee Global Enterprises|YankeeNets]], a holding company that owned the two teams, and later also the [[New Jersey Devils]], and increase leverage in future broadcast contracts by negotiating together. After receiving offers from several broadcast partners, including [[Cablevision]], which held their rights at that time, YankeeNets decided to launch its own regional sports television called the [[YES Network]].

YankeeNets failed in its attempts to secure a deal with Newark to construct a new arena in the city. By that point in time, tensions between the management of the Yankees, Nets, and the Devils had cause a rift between them, and a decision was made to split the group.<ref>{{cite news |url=https://nypost.com/2003/06/23/a-split-decision-yankeenets-group-on-the-brink-of-breakup/ |title=A Split Decision – YankeeNets Group on the Brink of Breakup |work=New York Post |date=June 23, 2003 |access-date=December 10, 2017 |archive-date=November 7, 2017 |archive-url=https://web.archive.org/web/20171107222056/http://nypost.com/2003/06/23/a-split-decision-yankeenets-group-on-the-brink-of-breakup/ |url-status=live}}</ref> With their plan to move the Nets dead, the Community Youth Organization placed the team up for sale. After a short bidding process, the group secured a deal in 2004 with real estate developer [[Bruce Ratner]] to buy the team for $300 million, defeating a similar offer by [[Charles Kushner]] and Senator [[Jon Corzine]] of New Jersey. Ratner had purchased the team with the intent of moving it to a new arena in [[Brooklyn]], which was to be a centerpiece of the large-scale [[Atlantic Yards]] development.<ref>{{cite news |url=https://www.nytimes.com/2004/01/21/sports/basketball/21CND-NETS.html |title=Brooklyn Developer Reaches Deal to Buy New Jersey Nets |work=The New York Times |date=January 21, 2004 |access-date=May 10, 2011 |first1=Richard |last1=Sandomir |first2=Charles V. |last2=Bagli |archive-date=January 26, 2013 |archive-url=https://web.archive.org/web/20130126102053/http://www.nytimes.com/2004/01/21/sports/basketball/21CND-NETS.html |url-status=live}}</ref>

Rapper [[Jay-Z]] owned a small minority stake in the Nets from 2003 until 2013. Jay-Z was a leader in the marketing for the team and helped encourage their move from New Jersey to the [[Barclays Center]] in Brooklyn, in which he also held a stake. He relinquished his stake after registering as a sports agent with his new agency [[Roc Nation Sports]], to avert any potential conflicts of interest.<ref>{{cite magazine |last1=Cubarrubia |first1=R. J. |title=Jay-Z Explains Reason for Selling Brooklyn Nets Stake |url=https://www.rollingstone.com/music/music-news/jay-z-explains-reason-for-selling-brooklyn-nets-stake-181079/ |magazine=Rolling Stone |access-date=June 15, 2021 |date=April 19, 2013 |archive-date=June 24, 2021 |archive-url=https://web.archive.org/web/20210624195811/https://www.rollingstone.com/music/music-news/jay-z-explains-reason-for-selling-brooklyn-nets-stake-181079/ |url-status=live}}</ref><ref>{{cite web |last1=Greenburg |first1=Zack O'Malley |title=Jay-Z Sells Nets Stake, Earns Warren Buffett-Like Return |url=https://www.forbes.com/sites/zackomalleygreenburg/2013/04/19/jay-z-sells-nets-stake-earns-warren-buffett-like-return |website=Forbes |access-date=June 15, 2021 |date=April 19, 2013 |archive-date=June 24, 2021 |archive-url=https://web.archive.org/web/20210624200759/https://www.forbes.com/sites/zackomalleygreenburg/2013/04/19/jay-z-sells-nets-stake-earns-warren-buffett-like-return/ |url-status=live}}</ref> His shares were eventually sold to singer, rapper, actor and entrepreneur [[Will Pan]], making Pan the first American of Taiwanese descent to own a U.S. professional sports franchise.<ref>{{cite web |last1=Killin |first1=James |title=Jay Z faces $600m lawsuit over Brooklyn Nets trademark |url=https://www.thelineofbestfit.com/news/latest-news/jay-z-faces-600m-lawsuit-over-brooklyn-nets-trademark-144665 |website=thelineofbestfit.com |access-date=June 16, 2021 |date=January 24, 2014 |quote=Last year, Jay Z sold his 0.067% stake in the Nets to Taiwanese artist and fellow basketball fan Wilber Pan... |archive-date=June 24, 2021 |archive-url=https://web.archive.org/web/20210624195629/https://www.thelineofbestfit.com/news/latest-news/jay-z-faces-600m-lawsuit-over-brooklyn-nets-trademark-144665 |url-status=live}}</ref>

On September 24, 2009, [[Mikhail Prokhorov]], Russia's third-richest man according to ''[[Forbes magazine|Forbes]]'', confirmed his intention to become majority owner of the Nets. Prokhorov sent an offer to the team owners requesting that the controlling shares of the basketball club be sold to his company, Onexim, for a symbolic price. In return, Prokhorov funded a loan of $700 million for the construction of Barclays Center, and attracted additional funds from Western banks. Prokhorov stated that he initiated the deal to help push Russian basketball to a new level of development.<ref>{{cite web |url=http://english.pravda.ru/business/finance/109479-0 |title=Mikhail Prokhorov Buys New Jersey Nets to Build Them New Arena |access-date=September 24, 2009 |date=September 24, 2009 |publisher=Pravda.ru |archive-date=September 26, 2009 |archive-url=https://web.archive.org/web/20090926074605/http://english.pravda.ru/business/finance/24-09-2009/109479-mikhail_prokhorov-0/ |url-status=live}}</ref> On May 11, 2010, following approval from the other owners of NBA teams, Prokhorov had become the principal owner of the Nets.<ref name="Prokhorov buys Nets">{{cite web|last1=Eichelberger|first1=Curtis|title=Prokhorov's $200 Million Purchase of Nets Gains Approval From NBA Owners|url=https://www.bloomberg.com/news/2010-05-11/prokhorov-s-200-million-purchase-of-nets-gains-approval-from-nba-owners.html|publisher=[[Bloomberg L.P.|Bloomberg]]|access-date=June 20, 2014|date=May 11, 2010|archive-date=December 6, 2014|archive-url=https://web.archive.org/web/20141206065939/http://www.bloomberg.com/news/2010-05-11/prokhorov-s-200-million-purchase-of-nets-gains-approval-from-nba-owners.html|url-status=live}}</ref>

In late 2017, Prokhorov agreed to sell a 49% stake in the team to Joseph Tsai, with an option for Tsai to become the majority owner.<ref>{{cite news|title=Porzingis Scores 30, Knicks Beat Nets 107-86 for 1st Win – Brooklyn Buyer|url=https://www.nytimes.com/aponline/2017/10/27/sports/basketball/ap-bkn-nets-knicks.html|access-date=November 7, 2017|work=[[The New York Times]]|agency=Associated Press|date=October 27, 2017|archive-date=November 7, 2017|archive-url=https://web.archive.org/web/20171107222626/https://www.nytimes.com/aponline/2017/10/27/sports/basketball/ap-bkn-nets-knicks.html|url-status=live}}</ref> The option was exercised in August 2019, with Tsai also buying the Nets' arena, Barclays Center, from Prokhorov for nearly $1 billion in a separate deal. The NBA Board of Governors unanimously approved the sale to Tsai on September 18, 2019.<ref>{{Cite web|url=https://www.espn.com/nba/story/_/id/27644399/nba-approves-sale-nets-barclays-tsai|title=NBA approves sale of Nets, Barclays to Tsai|date=September 18, 2019|website=ESPN.com|access-date=February 16, 2021|archive-date=March 8, 2021|archive-url=https://web.archive.org/web/20210308144925/https://www.espn.com/nba/story/_/id/27644399/nba-approves-sale-nets-barclays-tsai|url-status=live}}</ref>