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NY Post · Aug 17, 2019

New owner Joseph Tsai wagers China, Durant will ‘Net’ him a win

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Taiwanese-Canadian businessman Joseph Tsai bought the Brooklyn Nets for a record price — despite the fact that the team had the worst attendance in the NBA last year.

It’s a gamble — but one that Tsai could win, experts said.

Tsai, the co-founder and vice chair of Alibaba, became the new owner of the Nets on Friday in a deal that cost $2.35 billion over two years— the most ever paid for a sports team.

The median value of an NBA team today is about $1.75 billion, sports bankers said, which means Tsai paid a hefty premium even though the Nets barely make a profit.

Full story at NY Post

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