The Brooklyn Nets are continuing their offseason makeover with another change in the front office by reportedly hiring David Levy.
Levy, the former president of Turner, will soon become the new CEO of the Nets, reports Adrian Wojnarowsk of ESPN. Levy's move to the Nets is expected to become official once Joseph Tsai's new majority ownership of the franchise is approved at the NBA's Board of Governors meeting this week.
The Nets are hiring former Turner president David Levy as CEO, league sources tell ESPN. An announcement is expected once Joe Tsai's new majority ownership is approved at the NBA's upcoming Board of Governors meeting.— Adrian Wojnarowski (@wojespn) September 16, 2019
In mid-August, the Nets confirmed that team owner Mikhail Prokhorov was selling his controlling interest in the team as well as in the Nets' arena, Barclays Center, to Tsai. Per the Nets, the transaction is expected to take place by the end of September and requires approval by the NBA's Board of Governors.
In the interim, the Nets' current management team will continue to run Barclays Center and the team under new ownership. CEO of BSE Global Brett Yomark will oversee the transition to new ownership and then will depart from his role after that.
Tsai, the co-founder of the China-based global internet company Alibaba Group Holding Ltd., paid $1 billion for his 49% share last April. The deal allowed Tsai to acquire further shares of the team before the start of the 2021-22 season for an additional $1.35 billion. If Tsai signs off on the deal, he will be exercising his right to buy out Prokhorov two seasons early.
Per Forbes, Tsai's estimated net worth is $9.3 billion.
Prokhorov bought the Nets in 2010 and the Russian oversaw the Nets' move from New Jersey to Brooklyn. The sale of shares to Tsai in 2018 did not include the Barclays Center, which Prokhorov's company will continue to own. However, the New York Post reported in March that Tsai was in talks to buy Barclays as well as the new Nassau Coliseum in Uniondale, N.Y.
This summer has been a massive one for the Nets, as they reeled two of the biggest names in free agency: forward Kevin Durant and guard Kyrie Irving. Those additions -- plus other offseason moves by Brooklyn to shore up its depth -- have the Nets looking like a favorite to rise quickly in the Eastern Conference. That comes after a 42-40 season and playoff appearance in 2018-19 that confounded most experts.
Information from The Associated Press was used in this report.