Record-Breaking Purchase

0 comments

Billionaire Joseph Tsai Buying Remaining 51% of Brooklyn Nets Franchise

Taiwanese-Canadian business man Joseph Tsai doesn’t mess around.

A self-made billionaire and co-founder of the e-commerce giant Alibaba, Tsai already owns a 49% stake in the Brooklyn Nets. The 55-year old Yale University alum originally purchased the stake in October 2017. The majority of the team’s ownership is still owned by Russian billionaire Mikhail Prokhorov.

But that is about to change.

According to a report from The New York Post, Tsai is set to take over everything by this week.

Tsai is ready to buy the remaining 51% share of the Nets from Prokhorov in a transaction worth $2.35 billion – the highest price ever paid to purchase a sports franchise. In total, Tsai would have spent $3.35 billion in the 100% purchase of the Brooklyn Nets organization. With the free agent signings of Kevin Durant and Kyrie Irving, the Nets projected revenue for the upcoming season has already jumped from 10 to 15%, and that is with the knowledge that Durant is expected to miss the entirety of the 2019-20 campaign as he continues to recover from achilles surgery.

Forbes estimates Tsai’s net worth at $9.9-billion. His company Alibaba is the Chinese equivalent of Amazon.

LEAVE A RESPONSE

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RELATED POSTS

Driven by Excellence

22 Sep 2020

Show Me the Money

04 Aug 2020

Commercial Success

30 Jul 2020

  • Raptors’ Corner

  • Video Highlights

  • Facebook

  • Top Internet Presence by: BrandsWon.com

  • Twitter

  • Pick N Pod

  • Shop

  • Featured Video

    Oops, something went wrong.
  • STAY IN TOUCH!

    LATEST POSTS

    Stronger in Numbers
    14 Sep 20200 comments
    What's Next?
    10 Sep 20200 comments
    Future Problems
    09 Sep 20200 comments

    LATEST TWEETS

    Read all tweets

    © 2016 BallnRoll

    Web Solutions by: CO4 Computing Inc