bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Nicolas Atkin

Alibaba co-founder Joseph Tsai has agreed on a deal to buy a 49 per cent stake in National Basketball Association (NBA) franchise the Brooklyn Nets.
The billionaire executive vice-chairman of the mainland ­e-commerce giant is said to have the option to take over as controlling owner from Mikhail Prokhorov in four years.
The price of Tsai’s stake will be based on a US$2.3 billion valuation of the team. The NBA’s board of governors must first approve the sale.

That sum would surpass the NBA record US$2.2 billion paid last month by American businessman and television personality Tilman Fertitta for the Houston Rockets.
Taiwan-born Tsai is an avid sports fan and already owns a US team, having been awarded the new San Diego franchise of the National Lacrosse League in ­August.
Tsai, 53, played lacrosse in his high school days at Lawrenceville School in the US state of New ­Jersey. He also played at Yale where he was an undergraduate and then studied law. He has followed the NBA for years, having played the sport recreationally during his education in the US.

“We are fortunate to have set up Alibaba,” Tsai said in a media release.
“We work hard to make business less difficult and to help companies develop better in this world.
“In return, Alibaba asks me to contribute back to my favourite sport, which at the same time can make more Chinese people healthier and happier.
“No other things can make my life happier than this kind of positive circle.”
Russian billionaire Prokhorov bought the Nets in 2010 and took the franchise from New Jersey to Brooklyn.
He is set to retain a 20 per cent share as a minority owner in 2021 if Tsai takes up the option, but will retain ownership of the team’s home arena, the US$1 billion ­Barclays Centre, which opened in 2012. Tsai will be looking to revive the fortunes of a franchise that reached the play-offs for three straight seasons from 2013 to 2015 under Prokhorov’s ownership.
They had an NBA worst 20-62 record last season, and won just 21 games the previous season.

The Nets suffered a blow in their 2017 opener when ­Taiwanese-American star Jeremy Lin picked up a season-ending knee injury.
However, they did manage a shock victory over defending NBA champions the Cleveland ­Cavaliers on their way to a ­surprise 3-3 record this season, which has them ninth in the standings.
Alibaba Group is the owner of the South China Morning Post


Meet Coco Jones, the R&B singer who performed at the Super Bowl pregame show

Chinese players often lack ‘survival instinct’ needed to thrive in NBA, Yao Ming says

Chinese basketball prospect Yang Hansen makes NBA Rising Stars team at All-Star Weekend

LeBron James snubbed as an NBA All-Star Game starter for first time in 21 years

NBA (National Basketball Association)

Alibaba co-founder Joseph Tsai to buy 49 per cent of Brooklyn Nets

Joseph Tsai, Alibaba executive vice-chairman, at the 2016 Hong Kong Business Summit in Wan Chai. Photo: Edmond So

Oct 27, 2017; New York, NY, USA; New York Knicks forward Michael Beasley (8) and New York Knicks guard Courtney Lee (5) defend against Brooklyn Nets guard D'Angelo Russell (1) during second half at Madison Square Garden. Mandatory Credit: Noah K. Murray-USA TODAY Sports

Brooklyn Nets guard Jeremy Lin (7) shoots over Indiana Pacers forward Thaddeus Young (21) during the second half of an NBA basketball game in Indianapolis, Wednesday, Oct. 18, 2017. The Pacers defeated the Nets 140-131 (AP Photo/Michael Conroy)

Mikhail Prokhorov, one of Russia's richest tycoons and New Jersey Nets basketball team owner, speaks at a press conference in Moscow, Russia, Monday, Dec. 12, 2011, as he announces his candidacy to run against Russian Prime Minister Vladimir Putin in the March 2012 presidential election. Prolhorov has been cautious not to cross Putin's path in the past, but may pose a serious challenge to Putin, whose authority has been dented by the Dec. 4 parliamentary election and recent massive street protests against alleged vote fraud. (AP Photo/Misha Japaridze)

Jeremy Lin expected to miss whole Brooklyn Nets season after suffering knee injury in NBA opener

Brooklyn Nets guard Jeremy Lin will miss the whole season with a knee injury. Photo: USA Today

Sport

China

Other Sport

Billionaire executive vice-chairman of Chinese e-commerce group set to take over as controlling owner of basketball franchise in 2021


Alibaba co-founder Joseph Tsai to buy 49 per cent of Brooklyn Nets

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Billionaire executive vice-chairman of Chinese e-commerce group set to take over as controlling owner of basketball franchise in 2021

Billionaire executive vice-chairman of Chinese e-commerce group set to take over as controlling owner of basketball franchise in 2021