Joseph Tsai, the vice chairman and co-founder of Alibaba Group, is expected to become the majority owner (governor) of the Brooklyn Nets by September. The pending transaction was first reported by the New York Post. Tsai, 55, currently owns 49% of the Nets, thereby making him the alternate governor of the franchise. Russian billionaire Mikhail Prokhorov owns the other 51%.
Last year Tsai, who is reportedly worth $9.2 billion, purchased 49% of the Nets for $1 billion. Tsai’s agreement with Prokhorov gives him the right to purchase the remaining 51% by the conclusion of the ’21-’22 season.