SI.com · Aug 14, 2019
Report: Joseph Tsai to Purchase Full Nets Ownership for Record $2.35 Billion
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.
The Nets declined to comment on the purchase to the newspaper.