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.
Joseph Tsai is close to signing a deal to buy remaining 51% of the Brooklyn Nets for $2.35 billion, would be highest transaction ever paid for a sports franchise, per @NYPost_Lewis, @joshkosman pic.twitter.com/K0h1rrPfkZ
— Bleacher Report NBA (@BR_NBA) August 14, 2019
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.