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Alibaba Co-founder Joseph Tsai to Acquire 49% stake in NBA Team Brooklyn Nets

Alibaba Co-founder Joseph Tsai to Acquire 49% stake in NBA Team Brooklyn Nets

Joseph Tsai, co-founder & executive vice chairman of Alibaba, has agreed in principle to buy 49% stake in NBA Team Brooklyn Nets from Russian billionaire Mikhail Prokhorov.  The transaction values the NBA team at about $2.3 billion.

“Alibaba co-founder, Joseph Tsai, is ready to acquire a 49 percent stake in the Brooklyn Nets”

After the transaction, Russian billionaire Mikhail Prokhorov will still remain as the principal owner of the team.

Source: The NewYork Times, CNBC, ESPN

 

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