Deals
Alibaba’s Joe Tsai Purchases Brooklyn Nets in $2.3 Billion Deal
- Tsai gets 49 percent of team with option to purchase rest
- Sale by Mikhail Prokhorov doesn’t include Barclays Center
The Brooklyn Nets play in New York on Oct. 25, 2017.
Photographer: Nathaniel S. Butler/NBAE/Getty ImagesThis article is for subscribers only.
Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai has agreed to buy 49 percent 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 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 percent stake in the team, the people said.