Joseph Tsai to buy Brooklyn Nets majority ownership for record sum

Play video content                     Exclusive             
                                    NETS BE FRIENDS

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.

Related News:

Most liked

Body found in hunt for Franco-Irish teen in Malaysia
The Daily Mirror reports that the location of Nora's body "raised questions" about why she had not been spotted before . Appearing in front of the cameras on Monday, a visibly emotional Mrs Quoirin said: "Nora is our first child".

NFL and Jay-Z Team Up for Live Music, Social Activism
The NFL is poised to announce a sweeping business partnership with Jay-Z's Roc Nation , sources tell Front Office Sports . Black entertainers including JAY-Z and Rihanna have turned down the gig in the past in support of Kaepernick.

OnePlus confirms it’s launching a smart TV in September
This new announcement comes after the recent reports suggesting the OnePlus TV being spotted in Bluetooth SIG submission. OnePlus is rumoured to launch the OnePlus TV in 43-inch, 55-inch, 65-inch and 75-inch sizes.

Pensioner spends a week with dentures stuck in throat after surgery mishap
Following the removal, the man returned for a check-up six weeks later, where they found no problems from the denture-ordeal. While the chest X-ray and bloodwork indicated a respiratory infection, the tests "acted as a distraction", she wrote .

Xbox Project Scarlett to focus on high frame rates and 'playability'
This is yet another step in the direction of cross-play and opening games up to anyone, regardless of platform, from Microsoft. There's still a long way to go before Project Scarlett is here, as Microsoft isn't planning to launch it until late 2020.

Disney’s Aladdin Sequel Will Be An Original Story
Earning over a billion dollars worldwide, it should come as no surprise that we are hearing talks about a sequel. Chances are, they don't even know the movie exists, as it's not something that's being targeted towards them.

Little Women Trailer Reveals Greta Gerwig's New Adaptation
Florence Pugh (" Midsommar ") plays Amy March, Emma Watson plays Meg March and Eliza Scanlen (" Sharp Objects ") plays Beth March. Despite Jo's feelings about marriage and a woman's role in 1860's society, there is a clear love story involved in Little Women .

One police officer dead, 2 injured in shooting on California highway
The Highway Patrol officer and the suspect were rushed to nearby hospitals and declared dead after the shootout, police said. Dozens lined up and saluted as the officer's flag-draped body was removed from the hospital and placed in a hearse.

Owner: 3 Dogs Died Within Hours of Contact with Blue Algae
Last week, three dogs in North Carolina died just hours after swimming in a body of water filled with toxic blue-green algae .

Jio GigaFiber Plans, Pricing, Launch Date: All You Need to Know
Ambani said that India was "data dark" before the entry of Jio, and its launch has made India "data-shining bright". The two businesses, which function as separate subsidiaries, will be listed in the next five years, Ambani said.

Jamie Chadwick: "best year of my career so far"
Visser managed to take third place, making Brands the only race where Chadwick didn't record a podium finish. I think that might have caught Emma out and thus enabled me to take the win - which is just unbelievable .

Hur sizzles to wrap up Scottish Open title
Hur's last LPGA victory came at the 2014 LPGA Classic, having won her maiden title five years before in the Safeway Classic.

The Minecraft "Super Duper Graphics Pack" Has Been Canceled
Minecraft will be keeping its block-based look for the foreseeable future as plans to update its graphics are cancelled. Way back in 2017, Mojang announced a Super Duper Graphics Pack for Minecraft as part of an E3 teaser.

USA gov’t introduces new rules restricting legal immigration
The Los Angeles Times reports described the step as one of the administration's most aggressive move and that it targets legal immigration.

Jared Goff deserves bigger contract than Dak Prescott's Charean Williams reported, citing her own sources, that Prescott did not demand $40 million per year. Prescott, who is a former 4th-round pick back in 2016, is entering the final year of his 4-year, $2.72M contract.