Brooklyn Nets Sell 49% Stake to Chinese e-Commerce Firm Alibaba
The Brooklyn Nets ownership group expected this ride to be slightly more fun than it has been. Especially Mikhail Prokhorov who vowed to get married if he couldn’t turn the Nets into a winning team over just a short number of years.
Well today the Nets announced that they will sell a 49 percent stake of the franchise to Joseph Tsai, the executive vice chairman and co-founder of the Chinese e-commerce company Alibaba. The company was founded in 1999 and provides consumer-to-consumer, business-to-consumer, and business-to-business services among many other features via web portals.
According to reports, the purchase price will be based upon a $2.3-billion valuation of the Brooklyn Nets organization. Tsai will have the option to acquire a controlling interest in the future.
Despite the massive purchase, Prokhorov will remain the principal owner of the NBA team for the next four years, with the idea that eventually he will sell the majority stake upon the triggering of Tsai’s option.
Be patient Nets fans, you are not rid of Prokhorov just yet!