Chinese Billionaire Joseph Tsai Buys NBA Club Brooklyn Nets for $3.5 billion
Joseph Tsai is close to completing the deal to buy the NBA club “Brooklyn Nets”
TASS, August 14. Chinese businessman Joseph Tsai is close to that to buy Russian businessman Mikhail Prokhorov’s remaining 51 percent stake in the club of the National basketball Association (NBA) “Brooklyn”. This publication reports the New York Post.
Last year a Chinese businessman acquired a 49% stake in the club for $1 billion. under the agreement, Cai may redeem at Prokhorov’s remaining share up to season 2021/22 for $1.35 billion, the Chinese businessman wanted to now take advantage of this right. It is expected that officially about the deal will be announced this week. In the offseason, “Brooklyn” strengthened the composition of the NBA – Kyrie Irving and Kevin Durant.
Cai is one of the founders and current Vice President of Alibaba Group. Internet holding manages such sites as Aliexpress, Tmall.com, Taobao.com. A Chinese businessman, according to Forbes, with $9.9 billion.