Top Menu

Report: Joseph Tsai to Buy Remaining Share of Brooklyn Nets

Brooklyn Nets

Billionaire Joseph Tsai is close to buying a remaining 51% stake in the Brooklyn Nets from Mikhail Prokhorov, according to a New York Post report.

Tsai, co-founder of e-commerce giant Alibaba Group, finalized an agreement last year to purchase a 49% stake in the Nets from Prokhorov. The deal gave Tsai the option to buy the remaining 51% share of the franchise prior to the 2021-22 NBA season, and it appears that he is moving close to completing that purchase.

According to the New York Post’s report, he paid $1 billion for his 49% ownership stake in the Nets and would pay an additional $1.35 billion for the remaining share. The deal could be announced this week, per the report. More from the New York Post:

The deal is expected to be announced this week, sources said.

The $2.35 billion transaction would mark the highest price ever paid for a sports franchise — beating hedge fund owner David Tepper’s $2.2 billion acquisition last year of the NFL’s Carolina Panthers and Tilman Fertitta’s $2.2 billion purchase of the NBA’s Houston Rockets in 2017.

Tsai already owns 49% of the team, which he bought for $1 billion last year. At that time, the 55-year-old businessman locked in the right to buy the remaining 51% of the team before the 2021-2022 basketball season for an additional $1.35 billion.

Tsai has made other moves in professional sports business, as he led the investment group that purchased the WNBA’s New York Liberty from Madison Square Garden earlier this year.

RELATED STORIES: Joseph Tsai Reportedly in Talks to Purchase Barclays CenterJoseph Tsai Reportedly Buys 49% Stake in Brooklyn Nets

, , ,