NEW YORK _ Joseph Tsai has agreed to purchase the Brooklyn Nets and Barclays Center in a deal that allows Russian billionaire Mikhail Prokhorov to retain control of NYCB Live's Nassau Coliseum, according to a joint statement on Friday.
As part of the arrangement, Brett Yormark will step down from his longtime role as chief executive officer of BSE Global, which operates both the Nets and the Brooklyn arena. Yormark will continue to oversee the Coliseum operations, though it is unclear for how long. Friday's announcement said Yormark "will announce his next career move in the coming weeks." Yormark did not respond to a message seeking comment.
Prokhorov's Onexim Sports and Entertainment also is retaining its ownership stake in the proposed $1.5 billion commercial and residential redevelopment plans at Nassau HUB. Onexim is partnering with Rechler Equities on the project, and Yormark has been a primary spokesman of the project as it goes through the approval process.
