Hogan Lovells is advising Mikhail Prokhorov in sale of full ownership of Barclays Center and controlling interest in the Brooklyn Nets to Joe Tsai
Denver, 16 August 2019 – International Law firm Hogan Lovells is representing Mikhail Prokhorov in an agreement to sell full ownership of Barclays Center and his 51% controlling interest in the Brooklyn Nets, which he has held through his company, Onexim Sports and Entertainment Holding USA, Inc., to an entity controlled by Joe Tsai. Mr. Tsai is executive vice chairman and co-founder of Alibaba Group, a global internet company with businesses in e-commerce, cloud computing, and digital entertainment.
With the purchase of Prokhorov’s shares of the Nets, Tsai will become the sole investor in the team. Hogan Lovells also advised Prokhorov selling a 49% stake of the Brooklyn Nets to Joe Tsai in 2018.
“As international audiences grow for U.S. sports teams, ownership of these teams have become increasingly cross-border,” says Hogan Lovells partner Matthew Eisler. “Global investors are seeing an attractive opportunity to profit from the popularity of U.S. sports team properties and their venues.”
Corporate partners Matthew Eisler and Craig Umbaugh led the Hogan Lovells team, which included lawyers in Colorado Springs, Denver, Los Angeles, New York, Northern Virginia, and Washington D.C. The transactional team also included senior associates Russell Hedman and Sandra Harris, as well as associates Stephen Grodski, Melissa Moravec, Andrew Brandes, Caroline Brown, Eric Einhorn, and Brittany Raway. Partner Helen Atkeson and senior associate Jordan Chase handled public finance aspects of the transaction. Partner Mark Weinstein advised on tax and partner Carin Carithers and senior associate Laura Szarmach handled benefits. Partners David London and Tim Lyden, as well as senior associate Hao Wang, provided IP advice. Real estate matters were handled by partner Lea Ann Fowler and senior associates Lewis Turner and Scott Campbell. Partner Michele Harrington and senior associate Robert Baldwin advised on antitrust.
On the client side, the transaction was led by New York based former Hogan partner and current President of Onexim Sports and Entertainment Maureen Hanlon. The Hogan Lovells team also worked closely with Jeff Gewirtz, the Brooklyn Nets’ and Barclays Center’s Executive Vice President of Business Affairs and Chief Legal & Compliance Officer; Kari Cohen, Vice President & Deputy General Counsel for the Brooklyn Nets and Barclays Center and Russell Yavner, Assistant General Counsel for the Brooklyn Nets & Barclays Center.
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