Russian billionaire Mikhail Prokhorov has officially agreed to sell his remaining stake in the Brooklyn Nets and full ownership of Barclays Center to Joe Tsai, the team announced Friday.

This purchase by Tsai, the co-founder of Alibaba, one of the world’s largest e-commerce companies, still needs approval from the NBA’s board of governors, which already approved the first transaction.

Tsai, who paid $1 billion for a 49% share of the Nets in 2018, is paying an additional $1.35 billion for the remaining 51% share, sources confirmed to ESPN earlier in the week.

RELATED:  Kevin Durant’s Reasons For Signing With Nets Revealed

In addition, Tsai will pay nearly $1 billion in a separate deal for Barclays Center, a source told The Associated Press.

Flip the Page to Read the Report: