Sections SEARCH Skip to content Skip to site index Pro Basketball Log In Log In Today’s Paper Pro Basketball | Joseph Tsai Nears Full Ownership of the Nets Advertisement Supported by Tsai already owns 49 percent of the Brooklyn N.B.A. team, but is close to buying out the majority owner, Mikhail Prokhorov. The team is valued at a record $2.35 billion. ByKevin Draper and Benjamin Hoffman Aug 14, 2019 Joseph Tsai, a co-founder of Alibaba, the Chinese internet giant, is closing in on a record-breaking deal to gain sole ownership of the Nets, continuing a momentous off-season for a franchise making its most significant steps toward emerging from the shadow of the neighboring Knicks. The Nets deal, valuing the team at $2.35 billion, will set a record for the purchase price of a sports franchise, further signaling the ascendence of the N.B.A. and the opportunity for Mr. Tsai to help the league capitalize on its international ambitions. “It speaks volumes for the demand and vibrancy of the N.B.A.,” said Mr. Tsai, who already owns 49 percent of the Nets, is purchasing the remaining 51 percent of the team from Mikhail Prokhorov. The news that Mr. Tsai would take full control… Read full this story
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