Joseph Tsai to buy rest of Brooklyn Nets for record $2.35B

  • Joseph Tsai to buy rest of Brooklyn Nets for record $2.35B

Joseph Tsai to buy rest of Brooklyn Nets for record $2.35B

Kyrie knows better than anyone that chemistry is what helps give teams an edge during the season and over the last few weeks, he has been spotted practicing with his new Nets teammates.

Billionaire Alibaba co-founder Joseph Tsai is finalizing a deal with controlling owner Mikhail Prokhorov to buy full ownership of the team, The New York Post reports.

Tsai already owns 49 percent of the team, which he bought for $1 billion past year.

The price would the highest ever paid for a sports franchise, topping the $2.2 billion price tags that were recently paid for the Carolina Panthers and Houston Rockets.

Tsai reached his deal to buy the minority stake in 2017 for $1 billion that reportedly came with the option to buy the remaining stake for $1.35 billion prior to the 2021-22 season. The Russian billionaire bought full ownership of the team in 2015.

After a splashy summer of adding free agents Kevin Durant, Kyrie Irving and DeAndre Jordan, the Brooklyn Nets have become one of the NBA's marquee teams, and their 2019-20 national television schedule reflects that.

Forbes estimates that Tsai is worth $9.9 billion. The Taiwan native is known to speak positively of the Chinese government, sources said.

Tsai also has been raising his U.S. profile in recent months, including an appearance at Michael Milken's annual Beverly Hills conference in April, which attracts billionaires like Blackstone's Stephen Schwarzman.

The Nets declined to comment.