AP source: Tsai agrees to deal for purchase of Brooklyn Nets
NEW YORK — Billionaire Joseph Tsai has agreed to purchase a 49 per cent stake of the Brooklyn Nets from Mikhail Prokhorov, with the option to become controlling owner in four years, a person with knowledge of the details said Friday.
The franchise is being valued at $2.3 billion under terms of the agreement, the person told The Associated Press. The person spoke on condition of anonymity because there were no public comments about the sale, which must be approved by the NBA’s Board of Governors.
Tsai, a Canadian citizen, is the co-founder and executive vice-president of the Alibaba Group, a Chinese e-commerce company. Born in Taiwan, he is a graduate of Yale. He also owns the San Diego entry in the National Lacrosse League.
He’s the latest to pay a huge price for an NBA team. Tilman Fertitta paid a record $2.2 billion last month to purchase the Houston Rockets, surpassing the $2 billion that Steve Ballmer paid for the Los Angeles Clippers.