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Alibaba co-founder looking to buy full ownership of Brooklyn Nets for $2.35 billion — reports
by Jim Lemuel Wilson, August 15, 2019 3:53pm
Alibaba co-founder and Brooklyn Nets minority owner Joseph Tsai is expected to buy the rest of the National Basketball Association squad within the week for a $2.35 billion, the highest ever paid for the sports franchise should the deal push through, according to multiple reports.
Tsai bought 49% ownership of the franchise more than a year ago from team owner Mikhail Prokhorov for $1 billion. The deal allowed Tsai to acquire further shares of the team, and possibly buy out Prokhorov, before the start of the 2021-22 season for an additional $1.35 billion, according to NBA.com.
Though the initial deal did not include the sale of the Barclays Center, the home of the Nets, NBA.com writes that “the Post reported in March that Tsai was in talks to buy Barclays as well as the new Nassau Coliseum in Uniondale, N.Y.” as the NBA “pushes” its team owners to own their arenas.
Per Forbes, Tsai's estimated net worth is $9.3 billion. He is at number 147 on Forbes’ Billionaires list. He is also the eighth richest man in Hong Kong.
This has been a busy offseason for the Nets after they acquired superstars Kevin Durant and Kyrie Irving as well as former All-Star and defensive anchor DeAndre Jordan.
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