Business mogul Joseph Tsai has agreed to purchase a controlling stake of the Brooklyn Nets and the Barclays Center in a deal that values the team at $2.35 billion and the arena at nearly $1 billion. Photo by Paul Martinka
A billionaire entrepreneur has agreed to purchase a controlling stake in Barclays Center and the Brooklyn Nets for a record-breaking $2.35 billion, according to the Associated Press.
Joseph Tsai, the co-founder of the Chinese e-commerce giant Alibaba, finalized the deal to acquire the arena and the remaining 51 percent of the NBA team for the enormous lump sum on Aug. 16. The sale now makes Tsai — who had previously owned 49 percent of the team — the sole investor in both entities.
Tsai will pay $1.35 billion for the remainder of the Nets, after purchasing his minority stake in 2018 for $1 billion. The two purchases combine to value the Nets at $2.35 billion — the highest sale price ever for an American professional sports franchise, the AP reports.
Read the entire article from BrooklynPaper.com at ‘Alibaba Cofounder Joseph Tsai Buys Barclays Center and Brooklyn Nets‘