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Alibaba co-founder Tsai will buy full control of Brooklyn Nets

Posted on August 16, 2019August 16, 2019 by Santiago Leon

Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA’s Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 percent controling interest in the Nets.

Tsai bought 49 percent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign.

The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team.

Source: Yahoo Sports

Santiago Leon
Santiago Leon

Santiago Leon is the Founder and CEO of the Sports Cast. He covers almost every sport: NFL, NBA, and world soccer. He’s also founder of sleon productions, which he specializes in technology and serves clients with solutions to make their business grow.

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