August 14, 2019, 8:46 amKyrie IrvingPG, Brooklyn Nets
The New York Post is reporting that Joseph Tsai, the co-founder of Chinese shopping site Alibaba, will spend $1.3 billion to purchase the remainder 51 percent of the Nets.
The $2.35 billion transaction will mark the highest price ever paid for a sports franchise, beating hedge fund owner David Tepper’s $2.2 billion acquisition of the NFL’s Carolina Panthers last year and Tilman Fertitta’s $2.2 billion purchase of the Rockets in 2017. The sale comes at a time when the Nets are still high off their recent off-season buying spree, which landed them contracts with NBA All-Star free agents Kyrie Irving and Kevin Durant. Tsai was born in Taiwan, is a Canadian citizen, went to college at Yale and also owns the WNBA’s New York Liberty. For the NBA, which is looking to expand its footprint in the Chinese market, this is a potentially huge development as it will help with the international growth of the league even more.
Source: New York Post