Carmelo Anthony & Nets Players Have Reportedly Worked Out Together

Joseph Tsai, the Brooklyn Nets minority owner and co-founder of Chinese e-commerce giant Alibaba, is set to buy the remaining 51 percent ownership stake in the franchise in a deal valued at a record $2.35 billion, according to a report on Wednesday. The report states that he will pay a record 2.35 billion dollars to become the full owner of the National Basketball Association organization.

Previously the Post reported that Tsai was attempting to purchase the Nets' arena, Barclays Center, in an effort to expedite the sale of the team. The Russian billionaire bought full ownership of the team in 2015. Tsai also owns the WNBA's New York Liberty. If Tsai signs off on the deal, he will be exercising his right to buy out Prokhorov two seasons early. A deal announcing that he has purchased the remaining 51 percent stake is expected to be announced later this week, according to the report.

The price would the highest ever paid for a sports franchise, topping the $2.2 billion price tags that were recently paid for the Carolina Panthers and Houston Rockets.

Tsai originally purchased 49% of the Nets past year for $1 billion with the option to buy the remaining shares from Mikhail Prokhorov by the 2021-22 season.

Forbes reportedly puts his wealth at US$9.9 billion (NT$310.8 billion).

Prokhorov bought the Nets from real estate developer Bruce Ratner in 2010, allowing the team to complete its move into Brooklyn, and Barclays Center, in 2012.

They didn't and pivoted when players like Irving and Kevin Durant opted to sign with Brooklyn instead. That comes after a 42-40 season and playoff appearance in 2018-19 that confounded most experts.

Related:

Comments


Other news