Connect with us

NBA & NFL

NBA NEWS: Billionaire Joseph Tsai Gets Full Ownership Of Nets — See Details…

Published

on

Billionaire Joseph Tsai is close to a deal that will make him the sole owner of the Nets, the New York Post reported Tuesday.

Tsai, 55, already owns 49 percent of the team, which he bought for $1 billion last year. According to the Post, he is buying the remaining 51 percent from Russian billionaire Mikhail Prokhorov for $1.35 billion. In total, Tsai will have paid $2.35 billion for the NBA team.

Tsai’s deal for the Nets would be the largest price paid for a sports team in history, surpassing David Tepper’s $2.2 billion purchase of the NFL’s Panthers in 2018 and Tilman Fertitta’s $2.2 billion deal for the NBA’s Rockets in 2017.

Tsai, who is the co-founder of Alibaba, the mammoth Chinese ecommerce company, is expected to have full ownership of the team before the 2020-21 season.

Last season, the Nets finished with a 42-40 record but have renewed hype because of huge offseason acquisitions of Kevin Durant and Kyrie Irving. Durant signed a four-year, $164 million deal with the team, while Irving signed a four-year, $141 million deal.

With those high-profile free agent signings, Nets attendance is expected to jump, along with overall revenue.

There were reports earlier this year that Tsai also is trying to buy the Nets’ arena, Barclays Center in Brooklyn.

A native of Taiwan, Tsai is worth an estimated $9.9 billion after he co-founded Alibaba, the Chinese equivalent to Amazon. He also owns the San Diego Seals, a box lacrosse franchise in the National Lacrosse League.

Click to comment

Leave a Reply

Your email address will not be published.

Advertisement

Recent Posts

Serena Williams May Never Be Able to Equal Margaret Court’s All-Time Grand Slam Record Serena Williams May Never Be Able to Equal Margaret Court’s All-Time Grand Slam Record
Celebrity4 days ago

Why Serena Williams May Never Be Able to Equal Margaret Court’s All-Time Grand Slam Record

  Widely regarded as the greatest female player in history, former world No. 1 Serena Williams has won 23 Grand...

Serena Williams at the pool all day and getting manipedis Serena Williams at the pool all day and getting manipedis
Celebrity4 days ago

‘I saw Serena Williams completely naked in the locker room, She’s so Big’… Check

  Serena Williams is widely considered as the GOAT (Greatest of All Time) and that comes from her amazing tennis,...

Venus Williams Photos Venus Williams Photos
Celebrity4 days ago

Venus Williams: Six provoking photos that got fans talking

  As for her biggest role models, Williams says she really doesn’t have to look beyond her own mother and...

Serena Williams super dance Serena Williams super dance
Celebrity5 days ago

Serena Williams dazzles in a gold mini dress in front of admirers

  The 23-time Grand Slam champion Serena Williams is currently on a sabbatical from professional tennis. Williams last competed at...

Serena Williams performs twerking Serena Williams performs twerking
Celebrity5 days ago

Amazing Serena Williams performs hot twerking in front of admirers

  The 23-time Grand Slam champion Serena Williams is currently on a sabbatical from professional tennis. Williams last competed at...

Serena and Venus Williams' mother Serena and Venus Williams' mother
Celebrity5 days ago

Serena and Venus Williams’ mother and What She Does For a Living

  SERENA and Venus Williams have dominated the tennis world and their success started with their parents. Their mother, Oracene...

Serena Williams and mother Orance Price kiss Serena Williams and mother Orance Price kiss
Celebrity5 days ago

Serena and Venus Williams’ mother: Who is she married to?

  SERENA and Venus Williams have dominated the tennis world and their success started with their parents. Their mother, Oracene...

Serena and Venus Williams’ mother Oracene Price Serena and Venus Williams’ mother Oracene Price
Celebrity5 days ago

Oracene Price: 5 Things To Know About Serena & Venus Williams’ Mother

  Venus and Serena’s mother Oracene Price gets her own spotlight in Will Smith’s new movie ‘King Richard’. Here’s everything...

Oracene Price Oracene Price
Celebrity6 days ago

Oracene Price: “Afraid I’m giving away the secret”

  American tennis great Serena Williams has been one of the most followed athletes in the world. Her popularity exceeds...

Are you looking at my titles asks Serena Williams as she jogs around Wimbledon Are you looking at my titles asks Serena Williams as she jogs around Wimbledon
Celebrity6 days ago

Serena Williams laments: “My A$$ is too big & heavy… It limits my speed”

  Serena Williams has always been famous for her curves, but the tennis star admits her booty is too big...

Advertisement

Copyright © 2017