Joseph Tsai to buy Brooklyn Nets majority ownership for record sum

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Joseph Tsai, the Brooklyn Nets minority owner and co-founder of Chinese e-commerce giant Alibaba, is set to buy the remaining 51 percent ownership stake in the franchise in a deal valued at a record $2.35 billion, according to a report on Wednesday.

The $2.35 billion overall transaction price would rank as the richest deal in USA sports history. Tsai is also in talks to buy the Barclays Center, where the Nets play their games in Brooklyn.

If Tsai signs off on the deal, he'll be exercising his right to buy the remaining 51 percent of the team from Prokhorov two seasons early.

Tsai already owns 49 percent of the Nets.

David Tepper paid $2.2 billion for the NFL's Carolina Panthers a year ago, the same amount Tilman Fertitta spent for the NBA's Houston Rockets in 2017.


The Post reports that the National Basketball Association pushes its owners to also own their arenas, which is one of the reasons Tsai will also be acquiring the Barclays Center at some point.

Though the Nets moved to Brooklyn and switched to black uniforms under Prokhorov, he remains a bachelor, despite the team failing to win a title under his ownership. The total deal is expected to cost $2.35 billion and, per the Post, is expected to be announced this week.

During the off-season, the Nets added All-Stars Kyrie Irving and Kevin Durant to the team.

Anthony is joining the Nets players who are working out, but it doesn't mean Brooklyn is interested in signing the 10-time All-Star and former New York Knicks forward. That comes after a 42-40 season and playoff appearance in 2018-19 that confounded most experts.

Tsai purchased 49% of the Nets previous year for 1 billion dollars.

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