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Alibaba billionaire Joseph Tsai is buying out the Brooklyn Nets and the Barclay Center in a $2.35 billion deal, and it’s the highest price ever paid for a sports franchise

blank - Alibaba billionaire Joseph Tsai is buying out the Brooklyn Nets and the Barclay Center in a $2.35 billion deal, and it's the highest price ever paid for a sports franchise

joseph tsai

  • Billionaire Alibaba cofounder Joseph Tsai is obtaining the remaining shares of the Brooklyn Nets and the Barclay Center, he announced in a statement August 16.
  • The $two.35 billion deal for the New York-based mostly NBA workforce is the highest ever for a sports activities franchise, in accordance to the New York Times.
  • Tsai is Alibaba’s 2nd-biggest shareholder behind Jack Ma, offering him a net really worth of $9.five billion, in accordance to Forbes.
  • Check out Organization Insider’s homepage for far more stories.

Billionaire Alibaba cofounder Joseph Tsai is taking total ownership of the Brooklyn Nets, he announced in a statement August 16.

To do so, Tsai will purchase out Russian financier Mikhail Prokhorov’s 51% stake in the workforce for $two.35 billion, in accordance to the Post. Which is the highest value ever paid for a sports activities franchise. The up coming-biggest specials, Tilman Fertitta’s 2017 buy of the Houston Rockets and David Tepper’s 2018 buy of the Carolina Panthers, have been the two valued at $two.two billion.

I have had the chance to witness up shut the Brooklyn Nets rebuild that Mikhail began a number of many years in the past,” Tsai mentioned in a statement August 16. “He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail’s vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.”

Tsai is also getting Barclays Center, the 19,000-seat arena in Downtown Brooklyn that the Nets contact dwelling, he announced in the statement.

Regardless of remaining ranked as the worst workforce in the NBA two many years in the past, the Nets are expecting a 10- to 15% improve in their income in the course of the approaching season following signing Kyrie Irving and Kevin Durant in July, per the Post.

As Joe Barnathan at Forbes observes, the buy produces an even wider lane for the Nets — and the NBA at significant — to penetrate the basketball-hungry Chinese marketplace. Not coincidentally, the Nets are set to perform the Los Angeles Lakers in two pre-season video games in China this October, initially in Shanghai, then in Shenzhen.

FILE - In this Oct. 28, 2018, file photo, Brooklyn Nets' Caris LeVert (22) defends against Golden State Warriors' Kevin Durant during the first half of an NBA basketball game in New York. Durant and Kyrie Irving gave the Nets two big victories in one night. In the first hours of free agency, the team added two of the best players available to a young roster that made the playoffs, giving them hope of not only contention for an NBA title, but to be the biggest basketball team in New York. (AP Photo/Frank Franklin II, File)

Study far more: The 20 richest billionaires who very own sports activities teams

Tsai, 55, manufactured his fortune following cofounding Chinese on the net retailer Alibaba alongside the company’s chairman Jack Ma in 1999. Tsai is Alibaba’s 2nd-biggest shareholder, offering him a net really worth of $9.five billion, in accordance to Forbes estimates.

Tsai initially invested in the workforce in 2017, getting a 49% stake for $one billion, in accordance to the Post. That deal gave Tsai the possibility to buy the rest of the workforce in 2020. In Could, Tsai also bought New York-based mostly women’s basketball workforce the Liberty, the Times reported. The worth of that deal is unknown.

Basketball teams are not an unusual investment for billionaires. Microsoft billionaire Steve Ballmer owns the Los Angeles Clippers and cruise giant Carnival Corporation chairman Micky Arison controls the Miami Heat, Organization Insider previously reported.

SEE ALSO: Raheem Sterling’s $120 million Air Jordan deal would elevate him over Zion Williamson’s earnings with the iconic shoe brand

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