BRIEF-Mikhail Prokhorov To Sell Full Ownership Of Barclays Center And Controlling Interest In The Brooklyn Nets To Joe Tsai

Brooklyn Nets: * MIKHAIL PROKHOROV HAS ENTERED INTO AGREEMENT TO SELL FULL OWNERSHIP OF BARCLAYS CENTER AND HIS 51% CONTROLLING INTEREST IN BROOKLYN NETS

* WITH PURCHASE OF PROKHOROV'S SHARES OF THE NETS, TSAI WILL BECOME THE SOLE INVESTOR IN THE TEAM * THE CURRENT MANAGEMENT TEAM WILL CONTINUE TO RUN THE VENUE AND TEAM UNDER NEW OWNERSHIP

* TSAI WILL ASSUME ROLE OF CHAIRMAN OF THE BOARD OF DIRECTORS FOR BARCLAYS CENTER, AND NBA GOVERNOR OF THE NETS AND AFFILIATES * BRETT YORMARK, CEO OF BSE GLOBAL, WILL OVERSEE THE TRANSITION TO NEW OWNERSHIP BEFORE DEPARTING FOR A NEW ROLE

* TRANSACTION HAS NO IMPACT ON WEBSTER HALL AND NYCB LIVE, INCLUDING ITS SURROUNDING HUB DEVELOPMENT * CLOSING OF THE ARENA AND TEAM TRANSACTIONS IS EXPECTED BY THE END OF SEPTEMBER Source: https://on.nba.com/309j96n