NEW YORK (CBSNewYork) — A tech billionaire is on the verge of purchasing a 49 percent stake in the Brooklyn Nets, but he could take over controlling interest in the NBA franchise in several years.
ESPN reported Friday that Joseph Tsai, co-founder of the Chinese e-commerce giant Alibaba, has reached an agreement in principle to become a minority owner of the team. The deal includes an option to take control of the Nets in four years, the report said.
In the meantime, Mikhail Prokhorov, who bought the then-New Jersey Nets in 2010, will remain the team’s principal and operating owner.