Sports | October 27, 2017 12:56 pm

Alibaba Co-Founder Buys 49 Percent Stake in Brooklyn Nets

Joseph Tsai is the billionaire executive vice chairman of the Chinese e-commerce behemoth.

The Brooklyn Nets may be a perennial loser, who just lost of one of their biggest stars, but they just got a major cash infusion anyway.

According to ESPN, Joseph Tsai, billionaire executive vice chairman and co-founder of Chinese e-commerce giant Alibaba, has purchased a 49 percent minority stake in the team.

The price that Tsai will pay for the team will be based on its $2.3 billion valuation.

The principal owner of the team will remain Mikhail Prokhorov, the Russian billionaire who bought the majority stake in the team in 2010 and moved the franchise to Brooklyn in 2012. He also owns a 45 percent interest in the team’s Barclays Center home arena.