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Tsai to Buy Nets Shares for $2.35B

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 Nets could also be on the rise in the wake of their successful offseason, during which they added All-Stars Kyrie Irving and Kevin Durant in free agency. Brooklyn reached the playoffs last year, but it suddenly has an even brighter future with major star power that could bring in a lot of revenue.

That could help cut into the New York Knicks’ profits, an organization that ranked fifth in the world with a value of $4 billion.

BROOKLYN, NY – JUNE 26: Sean Marks, GM of the Brooklyn Nets, introduces D’Angelo Russell and Timofey Mozgov during a press conference on June 26, 2017 at HSS Training Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2017 NBAE (Photo by Nathaniel S. Butler/NBAE via Getty Images)
PHILADELPHIA, PA – April 23: Caris LeVert #22 of the Brooklyn Nets handles the ball against the Philadelphia 76ers during Round One Game Five of the 2019 NBA Playoffs on April 23, 2019 at the Wells Fargo Center in Philadelphia, Pennsylvania NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2019 NBAE (Photo by Jesse D. Garrabrant/NBAE via Getty Images)

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.

In March, the Post’s Josh Kosman and Brett Cyrgalis reported 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.

Courtesy: Bleacher Report

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