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Saturday, July 11, 2020

Billionaire Joseph Tsai expected to buy rest of Brooklyn Nets, total price $2.35 billion

Billionaire Joseph Tsai is expected to buy the rest of the Brooklyn Nets for a price that would value the team at $2.35 billion.

The New York Post reported on Tuesday night that Tsai is expected to purchase the remaining 51 percent ownership stake in the Nets, with the announcement coming this week.

Tsai bought a 49 percent ownership stake in the team last year for $1 billion. Terms of his deal with Russian billionaire Mikhail Prokhorov allowed him the option to purchase the remaining 51 percent share before the 2021-2022 season for $1.35 billion.

The total sale price is $2.35 billion, which is more than the $2.2 billion paid for the Carolina Panthers and Houston Rockets, which each underwent recent ownership changes.

Entertainment mogul Jay-Z used to have a minority ownership stake in the Nets but sold it when he started his sports agency due to a conflict of interest.

Tsai, 55, is a co-founder of Alibaba.

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