Sullivan & Cromwell, Hogan Lovells Guide Brooklyn Nets Deal

Law360 (April 12, 2018, 9:46 PM EDT) -- Sullivan & Cromwell LLP helped guide Alibaba Group Vice Chair and co-founder Joe Tsai in buying 49 percent interest in the NBA team the Brooklyn Nets from the Nets' controlling shareholder, who was represented by Hogan Lovells, the team announced Thursday.

Tsai acquired the shares from Nets owner Mikhail Prokhorov, who remains the controlling owner through Onexim Sports and Entertainment Holding USA Inc., the Nets said in a release. But Tsai will have the option to buy more in 2021, at which time he would become the controlling owner of the team, the firm said in a release.

"As we looked...

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