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Report: Alibaba Founder Joseph Tsai Agrees to Buy 49% of Nets

Report: Alibaba Founder Joseph Tsai Agrees to Buy 49% of Nets
Published On: Fri, Oct 27
May 3, 2016; Toronto, Ontario, CAN; Toronto Raptors guard Cory Joseph (6) sits against an advertising board after falling chasing a loose ball against Miami Heat in game one of the second round of the NBA Playoffs at Air Canada Centre. The Heat won 102-96. Mandatory Credit: Dan Hamilton-USA TODAY Sports

Joseph Tsai, the co-founder of Chinese internet giant Alibaba, has agreed to purchase a 49% stake in the Brooklyn Nets, ESPN's Adrian Wojnarowski and Zach Lowe report.

Under the current agreement, Tsai will have the option to purchase a controlling interest in the Nets in a few years, ESPN reports.

Mikhail Prokhorov is the current majority owner of the Nets. He will cede that title to Tsai in four years assuming the latter decides to move forward.

The agreement values the Nets at $2.3 billion, ESPN reports. The agreement reportedly does not include the Barclays Center, for which Prokhorov is also a majority shareholder.

Read the complete news article here...


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