Joseph Tsai To Buy Out Rest Of Brooklyn Nets In Record $2.35 Billion Purchase
NEW YORK (CBSSports) - After signing Kevin Durant and Kyrie Irving this offseason, the Brooklyn Nets have emerged as one of the NBA's brightest up-and-coming franchises. They'll reportedly have a new owner as they continue their attempt to ascend to into the league's elite.
Joseph Tsai, the co-founder of e-commerce company Alibaba who already owned 49 percent of the franchise, will purchase the remaining 51 percent from Russian billionaire Mikhail Prokhorov for a total of $2.35 billion, according to the New York Post. The deal, expected to be announced this week, would be the biggest sale ever for a sports franchise.
Tsai, who Forbes estimates has a net worth of $9.3 billion, was reported to have been in talks to purchase Barclays Center and the Nassau Coliseum from Prokhorov back in March.