Billionaire agrees to buy Nets, Barclays
BY AIDAN GRAHAM
A billionaire entrepreneur
has agreed to purchase a controlling
stake in Barclays Center
and the Brooklyn Nets for a
record-breaking $2.35 billion,
according to the Associated
Press .
Joseph Tsai, the co-founder
of the Chinese e-commerce giant
Alibaba, fi nalized the deal
to acquire the arena and the
remaining 51 percent of the
NBA team for the enormous
lump sum on Aug. 16. The sale
now makes Tsai — who had
previously owned 49 percent
of the team — the sole investor
in both entities.
Tsai will pay $1.35 billion
for the remainder of the Nets,
after purchasing his minority
stake in 2018 for $1 billion.
The two purchases combine to
value the Nets at $2.35 billion
— the highest sale price ever
for an American professional
sports franchise, the AP reports.
The businessman, who
boasts an estimated net worth
of just under $10 billion , will
also acquire the 19,000-seat
arena in a separate transaction
for almost $1 billion, according
to the AP.
New Yorkers Need Relief from Rx Greed
COURIER L 6 IFE, AUG. 23-29, 2019
Tsai put out on statement
on Aug. 16 confi rming the
sale, but not the purchase
price, saying he hopes to continue
Barclays Center’s status
as a hub for entertainment in
Brooklyn.
“We are committed to
maintaining Barclays Center’s
iconic status by bringing
together culture, community,
and entertainment
for our fans and everyone
in New York,” said the businessman.
The deal provides a massive
windfall for outgoing
Nets owner Mikhail Prokhorov,
who fi rst purchased 80
percent of the then-New Jersey
Nets, and 45 percent of
the development project that
would later become Barclays
Center for $223 million in 2010.
After the team moved across
the Hudson River and took
roots in Brooklyn, Prokhorov
purchased the remainder of
both the team and the arena
in 2015 for almost $400 million
— bringing Prokhorov’s total
purchase to nearly $623 million,
according to a Yahoo report
at the time.
Barclays’ billion-dollar
price tag follows the arena’s
controversial development,
which was plagued with numerous
delays and several
lawsuits.
In 2005, the state agreed to
sell Atlantic Yards — the land
on which the arena would
later be built — to developer
Bruce Ratner for $100 million,
despite internally valuing the
land at $214 million.
To complete the sale of the
land, the state threatened locals
with eminent domain —
allowing development gurus
to commandeer Brooklynites’
private property to make way
for the massive development
— leading to fi erce protests on
either side.
The arena was eventually
completed in 2011, paving the
way for Prokhorov and his
development partners’ enormous
pay day.
Sadly for fans, Prokhorov’s
fi nancial success was not mirrored
by the franchise’s success
on the court.
Shortly after taking the
reins of the Nets, Prokhorov
pushed through one of the
worst trades in NBA history,
acquiring three aging players
from the Boston Celtics by
giving away four fi rst-round
draft picks — which Boston
would later use to build one of
the most dominant teams in
the league.
Since moving to Brooklyn
in 2012, the team has combined
for a 242-332 record, winning
just one playoff series in 2014.
During their tenure in the
borough, the team has featured
one of the league’s worst
fan attendance — placing in
the bottom-fi ve for home-game
attendance every year.
Fans hope the new ownership
— along with the recent
free-agent signings of all-stars
Kevin Durant and Kyrie Irving
— will help turn the franchise
into a title contender.
The sale of the team, and
the arena, requires approval
of the NBA Board of Governors
to be fi nalized — which
the Nets expect will happen by
the end of September.
Business mogul Joseph Tsai has agreed to purchase a controlling stake of
the Brooklyn Nets and the Barclays Center in a deal that values the team at
$1.35 billion and the arena at nearly $1 billion. Photo by Paul Martinka
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There’s not a lot Congress
agrees on these
days, but the need to reduce
soaring prescription
drug prices is one
imperative representatives
of both parties support.
And for good reason;
Americans pay the highest
brand name drug
prices in the world.
So when Congress returns
from its August recess,
it’s time for action.
As part of its nationwide
#StopRxGreed campaign,
AARP is advocating
to:
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negotiate lower drug
prices – as the Veterans
Administration already
does, at substantial savings,
and as a recent national
poll shows voters
50 and older of all stripes
support (95% of independents,
93% of Republicans
and 90% of Democrats),
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of pocket prescription
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D,
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creases to no more than
inflation.
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sive generics to market,
by among other things
banning so-called “pay
to delay” deals in which
drug makers actually
pay generic manufacturers
to keep their cheaper
version of drugs off the
shelves – for 17 months
on average.
Big Pharma has
raised drug prices more
than inflation every year
for decades, and prescriptions
are getting
harder and harder to afford.
The average annual
cost of brand name prescription
drug treatment
grew more than five
times the average annual
New Yorker’s income between
2012 and 2017 - 58%
vs. 11.5%. And it hasn’t
let up; the average drug
price increased 10.5% in
the first six months of
2019 - five times the rate
of inflation.
Insulin is a prime example.
The cost of the drug
on which people with diabetes
rely nearly tripled
from 2002 to 2013. And it’s
not like insulin is new;
it was invented almost a
century ago. The problem:
drug companies make
small changes so they can
extend their patent protections
and manipulate the
system.
Some patients desperate
for insulin go to Canada
– where prescription
drugs are much cheaper -
while others actually risk
their lives by rationing or
skipping doses.
Your prescriptions
won’t work if you can’t afford
them.
We’re all affected by
skyrocketing drug prices,
through higher insurance
premiums and the taxes we
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ment health care programs
for older and poor/disabled
Americans.
Older Americans are
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care Part D enrollees take
an average of 4.5 prescriptions
per month and struggle
to pay for them on a median
annual income of just
$26,000.
A 2019 national AARP
survey of voters age 50 and
older found nearly 40%
did not fill a prescription,
mainly because of cost.
Congress needs to
stand up to the pharmaceutical
industry, which is
fighting tooth and nail to
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cently sued the Trump administration
to keep the
list prices of their drugs
secret. The industry is
spending record amounts
on Washington lobbyists
and running ads claiming
more affordable drugs
would actually harm consumers.
States can act too. So
far this year, 29 states have
passed 47 new laws aimed
at lowering prescription
drug costs, according to
the National Academy for
State Health Policy. New
York could – and should -
��������������������������������������������������������-
islature passed a bill to
prohibit out-of-pocket prescription
cost increases
on health plan enrollees
in the middle of a contract
year, and AARP is urging
Governor Andrew Cuomo
to sign the bill when it
reaches his desk.
In Washington, fighting
high drug prices has engendered
rare, bipartisan
agreement that something
should be done. New York’s
congressional delegation is
in a position to lead on this
issue and make a difference.
Now is the time.
– Chris Widelo is
AARP’s Associate State Director
for New York City