Alibaba’s Joe Tsai Buys NBA’s Nets, Arena for $3.5 Billion (1)

Aug. 16, 2019, 1:32 PMUpdated: Aug. 16, 2019, 3:27 PM

There’s a new owner of the Brooklyn Nets.

Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai exercised his option to buy the rest of the team that he didn’t already control -- along with the Barclays Center arena -- ending Mikhail Prokhorov’s ownership tenure and bringing another deep-pocketed international presence to the National Basketball Association.

Financial terms weren’t disclosed, but a person familiar with the deal said Tsai paid about $3.5 billion, including debt, for the team and building in total.

Tsai -- who has a net worth of $10.3 billion, according to the Bloomberg Billionaires Index -- previously ...

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