Billionaire Joseph Tsai is nearing a deal to purchase 51% of the Nets for a record $2.35 billion, according to the New York Post.
Tsai, the co-founder of the e-commerce company Alibaba, already owns 49% of the team, which he purchased for $1 billion last year. He locked in the right to buy the remaining 51% of the Nets before the 2021-22 season for an additional $1.35 billion from Russian billionaire Mikhail Prokhorov. By agreeing to the deal, Tsai will exercise his right to purchase the rest of the team two seasons early, reports the Post.