(NEW YORK, NY) — On August 16th, Co-Founder of Chinese retail Alibaba announced that he will buy out the remaining share of the Brooklyn Nets. Before Joe Tsai signed his $2.35 billion deal, Tsai owned 49% of the Nets while Russian billionaire Mikhail Prokhorov owned 51%.
Back in 2010 Mikhail Prokhorov began acquiring both the team and arena, it wasn’t until 2015 where the transaction was completed, the value of the team was reported to be at $875 million while the arena was valued at $825 million.
Tsai’s deal to buy Prokhorov’s 51% share goes down as the highest price ever paid for a sports franchise. According to Business Insider, Tsai stated “ I will be the beneficiary of Mikhail’s vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.”
Joe Tsai will then become chairman of the board of directors for Barclays Center as well as the NBA governor of the Nets. Tsai sits at one of Forbes 150 richest people and Alibaba’s second largest shareholder, he now has a networth of $9.7 billion.
Previous owner Mikhail Prokhorov states “ The team is in a better place today than ever before and I know that Joe will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy.” The deal is said to close by the end of September.