Alibaba's Joseph Tsai Buys 49% Stake in Brooklyn Nets
Tsai may purchase controlling interest in under a half-decade.
After Mikhail Prokhorov announced the sale earlier this year, Joseph Tsai, co-founder of Chinese behemoth Alibaba, has reportedly agreed to purchase a 49% stake in the Brooklyn Nets. In less than five years, Tsai will have the option to purchase a controlling interest in the team.
Prokhorov purchased majority interest in the Nets in 2010 and confirmed ownership of the Barclays Center in 2015. This sale to Tsai still leaves Prokhorov with the basketball and business operations responsibilities, at least until Prokorov sells his majority stake. Tsai’s purchase was based on a recent $2.3 billion USD valuation of the Nets, and doesn’t include ownership of the Barclays Center.
Time will tell if the team reverses their losing streak — they lost almost $23.5 million USD last season, second in size only to the Detroit Pistons. Tsai is reportedly optimistic about the team’s future, especially as the team sits third in the Eastern Conference at 3-2.
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