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Alibaba's Joe Tsai buys Brooklyn Nets in $2.3 bn deal

The transaction doesn't include the Barclays Center, the Brooklyn arena where the team plays, the people said

Mark Hosenball | Bloomberg  |  Washington 

Alibaba Group Holding Executive Vice Chairman Joe Tsai has agreed to buy 49 per cent of the Brooklyn Nets from Russian billionaire Mikhail Prokhorov in a deal that values the National Basketball Association club at a record $2.3 billion, according to people familiar with the matter. The agreement gives Tsai, whose net worth is $10.7 billion, the right to buy the remaining stake of the team in 2021, according to the people, who asked not to be identified because the deal hasn’t been announced. Prokhorov has the right to keep a 20 per cent stake in the team, the people said. The Nets ...

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First Published: Sun, October 29 2017. 00:48 IST