After signing Kevin Durant and Kyrie Irving this offseason, the Brooklyn Nets have emerged as one of the NBA's brightest up-and-coming franchises. They'll reportedly have a new owner as they continue their attempt to ascend to into the league's elite.
Joseph Tsai, the co-founder of e-commerce company Alibaba who already owned 49 percent of the franchise, will purchase the remaining 51 percent from Russian billionaire Mikhail Prokhorov for a total of $2.35 billion, according to the New York Post. The deal, expected to be announced this week, would be the biggest sale ever for a sports franchise. From the New York Post:
The $2.35 billion transaction would mark the highest price ever paid for a sports franchise -- beating hedge fund owner David Tepper's $2.2 billion acquisition last year of the NFL's Carolina Panthers, and Tilman Fertitta's $2.2 billion purchase of the NBA's Houston Rockets in 2017.
Tsai already owns 49 percent of the team, which he bought for $1 billion last year. At that time, the 55-year-old businessman locked in the right to buy the remaining 51 percent of the team before the 2021-2022 basketball season, for an additional $1.35 billion.