Alibaba co-founder Joseph Tsai is going to buy the Brooklyn Nets from Russian oligarch Mikhail Prokhorov for a record of $ 2.35 BILLION
- Brooklyn Nets minority Joseph Tsai is said to be close to purchasing the Mikhail Prokhorov team for a record total of $ 2.35 billion
- Tsai bought 49 percent of the team last year for $ 1 billion
- Once completed, the $ 2.35 billion transaction would be the most expensive in professional sport history, beating a few recent $ 2.2 billion franchise sales
- The deal was expected because Tsai reportedly had the option to buy the rest of the franchise for the 2021-22 season plainly
- A basketball fan who also has a WNBA team, Tsai is worth about $ 10 billion
- The sale comes at a good time for the nets, who have been struggling to make a profit since they crossed the Hudson River from New Jersey in 2012
- Ticket sales have increased enormously since the Nets have added Kyrie Irving and Kevin Durant
Joseph Tsai (photo right), the minority owner of Brooklyn Nets and co-founder of e-commerce giant Alibaba, has agreed to buy the remaining 51 percent of the NBA franchise from majority shareholder Mikhail Prokhorov for $ 1.35 billion
Joseph Tsai, the Brooklyn Nets minority owner and co-founder of e-commerce giant Alibaba, concludes a deal to purchase the remaining 51 percent of the NBA franchise from majority owner Mikhail Prokhorov for $ 1.35 billion.
The New York Post reports that a deal is expected to close at the end of the week.
A source familiar with the negotiations confirmed the upcoming sale to the Daily Mail. A team spokesman declined to comment.
Tsai bought 49 percent of the team last year for $ 1 billion. And by hitting another $ 1.35 billion, the Taiwanese would pay the highest price ever for a sports franchise – more than the $ 2.2 billion in sales last year from the NFL's Carolina Panthers and the $ 2.2 billion purchase of the NBA & # 39; s Houston Rockets in 2017.
The deal was expected because Tsai had the option to fully purchase the remainder of the franchise for the 2021-22 season.
Prokhorov bought its majority stake in the networks in 2009 for less than $ 400 million.
Tsai, a basketball fanatic who also owns the New York Liberty of the WNBA, is worth nearly $ 10 billion, according to Forbes.
Earlier, the Post reported that Tsai was trying to buy the arena from the nets, Barclays Center, in an effort to speed up the team's sales. The NBA prefers that the owners also control their home arenas.
However, the sale of the team does not include the arena, but that does not exclude such a transaction in the future.
In 2009, Russian billionaire Mikhail Prokhorov bought the nets for less than $ 400 million
Despite making the play-offs last season for the first time since 2015, the franchise still finished last in the NBA in home visits. The nets have been struggling to make a profit since they moved from New Jersey to New York in 2012
The sale comes at a good time for the nets, which have been struggling to make a profit since they crossed the Hudson River from New Jersey in 2012.
Despite making the play-offs last season for the first time since 2015, the franchise still finished last in the NBA in home visits.
However, that is already changing after the team added All-Stars Kyrie Irving and Kevin Durant last month as free agents for a few four-year deals totaling $ 305 million.
Previously, Tsai reportedly tried to buy the arena of the nets, Barclays Center, in an effort to speed up the team's sales. The NBA prefers that the owners also control their home arenas. However, the sale of the team does not include the arena, but that does not exclude such a transaction in the future
Although Durant is expected to miss the coming season after tearing his Achilles while playing for the Golden State Warriors in the June NBA Finals, the Nets have still identified a number of ticket markers since his signing.
According to a spokesperson, on June 30, immediately after the announcement of the agreements, the networks had their biggest day of ticket sales in the franchise history.
Sales staff received nearly 1,000 incoming calls that day alone and within a week the networks had already exceeded their ticket revenue for the entire 2018-19 season.
Tsai, who is of Chinese descent, is a member of NBA China and can also help the competition to move forward in the country. Sources told the Post that Tsai is very positive about China and its controversial government.
Nets swingman Caris LeVert (right) sits next to the newest addition from the team, Kyrie Irving
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