Alibaba Co-Founder Joseph Tsai Buying Brooklyn Nets for $2.35 Billion
Tsai will be buying the 51 percent of the franchise he does not already own
Already an owner of 49 percent of the team after buying in for $1 billion last year, the Taiwanese billionaire is set to fork over an additional $1.35 billion to buy the remaining 51 percent from Russian billionaire Mikhail Prokhorov, sources told The New York Post.
When Tsai initially purchased his share of the team, the 55-year-old locked in the right to buy the rest of the team up until the start of the 2021-2022 basketball season. Though it isn’t finalized, the deal is expected to be announced this week.
With a total cost of $2.35 billion, the amount Tsai is paying for the Nets is the highest price a pro franchise has ever been sold for, trumping the $2.2 billion price David Tepper paid for the Carolina Panthers last year and Tilman Fertitta paid for the Houston Rockets in 2017.
The Post reports the Nets estimate a revenue increase for the upcoming season of 10 to 15 percent.
Tsai, who already owns the WNBA’s New York Liberty, was born in Taiwan and is a Canadian citizen.
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