Home » Sport

Alibaba Founder Joseph Tsai Agrees to Buy 49% of Nets

28 October, 2017, 01:02 | Author: Carla Brady
  • Joseph Tsai

The Brooklyn Nets owner Mikhail Prokhorov will sell his 49 percent minority stake to Joseph Tsai, a Taiwanese billionaire and co-founder of Chinese e-commerce business, Alibaba, according to a report by ESPN.

Tsai will reportedly pay about $1.127 billion, based upon a $2.3 billion valuation of the franchise.

Tsai, 53, now serves as executive vice chairman of Alibaba Group, the ecommerce giant that posted $23 billion in revenue in its most recent fiscal year.

A tech billionaire is on the verge of purchasing a 49 percent stake in the Brooklyn Nets, but he could take over controlling interest in the National Basketball Association franchise in several years.

Prokhorov, a Russian billionaire who amassed his fortune in precious metals, will remain the principal owner for the next four years. He went on to earn his vast wealth co-founding Alibaba, which in August had a net worth of $420 billion.




Mikhail Prokhorov is the current majority owner of the Nets. Prokhorov bought complete control of the Nets in 2015 after first purchasing a majority of shares in 2010.

Forbes estimates Tsai's net worth at $9.1 billion.

They finished with the NBA's worst record past year at 20-62, but have won three of their first five games this season, including a win over the Eastern Conference champion Cavaliers.

The Nets and Barclays Center were valued at $875 million and $825 million, respectively, in that deal, according to Newsday.

Tsai has been pleased with how Nets general manager Sean Marks and coach Kenny Atkinson are running the team, and plans to bring worldwide business opportunities to the franchise through his connections throughout Asia, per the report.

Recommended:



Popular

Sony Xperia R1 and Xperia R1 Plus launched in India
These come powered by a Qualcomm Snapdragon 430 Octa-Core SoC coupled with 2GB or 3GB of RAM, depending upon which model you buy. In a country like India however you have to bring out smartphones for every price bracket and that is what Sony has done.

South Africa farmers jailed for forcing black man Victor Mlotshwa into coffin
Oosthuizen and Jackson's treatment of Mlotshwa was inhumane and disgusting, a traumatic experience for anyone to have to undergo. Mr Mlotshwa wept in court when the video was shown and his mother was so distressed she left the courtroom.

New Amazon service lets delivery people into your home
The kit comes with an Amazon Cloud Cam ( Key Edition) and an Amazon Key-compatible smart lock provided by Kwiskset or Yale. This system is another way Amazon is making it easier for customers to receive packages quickly and securely.

Fashion brands are now blacklisting Terry Richardson over sexual misconduct allegations
Now, Valentino has also announced that it has " no plans " to work with the photographer in the future. Conde Nast confirmed the content of the email on Tuesday but declined to comment further .

U.S. should accept failures and defeat in Afghanistan: PaK
Asif also mentioned that Jamaatud Dawa chief Hafiz Saeed's name was not on the list of 75 militants the United States had handed over to Pakistan.

Brother of Las Vegas shooter suspected of possessing child porn
Bruce Paddock had been "squatting" inside the business on San Fernando Road following his eviction from a residence, police said. Bruce Paddock is not considered a suspect in the Las Vegas shooting .

BJP to observe Nov 8 as 'Anti-Black Money Day'
The Modi government had "hurt" the economy and "put it in the ICU". Real GDP growth average is 7.5% in the last 3 years.

Lingard scores brace for Man United as Carabao Cup holders bounce back
Manchester United comfortably beat Swansea 2-0 in the League Cup but it was the academy products who grabbed the headlines.

Garcia stays alive in Singapore, triumphs over Svitolina
Also, the court is a little bit slow and I just felt heavy", she added. "It's often like this and I tried to improve this part of myself".

Eminem Wins New Zealand Copyright Lawsuit; Awarded Over 400K In Damages
She said it was no coincidence the composer of Eminem Esque had the music to Lose Yourself in front of him when he wrote his song. Simpsons Solicitors director, Adam Simpson said it's a cautionary tale, that might serve as inspiration to invest in new music.