Us still needs China one la why trump didn't stop this?
Report: Joseph Tsai to Buy All Remaining Nets Shares for Record Total of $2.35B
ROB GOLDBERGAUGUST 14, 2019
Mary Altaffer/Associated Press
Joseph Tsai is set to become the full owner of the
Brooklyn Nets for a total of $2.35 billion, according to
Josh Kosman and Brian Lewis of the
New York Post.
The co-founder of Alibaba purchased 49 percent of the
NBA team last year for $1 billion, which also gave him the right to purchase the other 51 percent from Mikhail Prokhorov for $1.35 billion by the 2021-22 season. He appears to be ready to make the move right away, with the transaction set to be announced this week.
Prokhorov originally purchased an 80 percent stake of the team for $223 million in 2010 and bought out the remaining 20 percent in 2015, although the team was valued at
$875 million at the time.
The league has grown significantly since then, with sales of the
Los Angeles Clippers and
Houston Rockets topping $2 billion each.
According to
Forbes, the Nets have a value of $2.35 billion in 2019, which ranks 37th among all professional sports teams.
The team could also be on the rise considering the successful offseason the Nets had, adding All-Stars
Kyrie Irving and
Kevin Durant in free agency. The squad reached the playoffs last year but suddenly has a bright future with a lot of star power that could bring in a lot of revenue.
This could help cut into the
New York Knicks' profits, an organization that ranked fifth in the world with a value of $4 billion.
Tsai, a Taiwan native, has been aggressive in getting into American sports in recent years. In addition to purchasing the Nets, he also bought 100 percent of the New York Liberty in the WNBA as well as the San Diego Seals in the National Lacrosse League.
The
Post's
Josh Kosman and Brett Cyrgalisreported in March he was also negotiating to buy the Barclays Center and the new Nassau Coliseum from Prokhorov.
Adding the remainder of the Nets shares helps him fill out his profile in the sporting world.