Alibaba billionaire, Nets complete deal
New Jersey-educated billionaire Joseph Tsai finally completed his long-pending purchase of 49 percent of the Nets from Mikhail Prokhorov on Thursday, along with the right to buy controlling interest in the team within three years.
A source told The Post the deal values the Nets at $2.35 billion — a record for the NBA — and does not include Barclays Center. Tsai is the executive vice chairman and co-founder of Alibaba Group, but the purchase — unanimously ap- proved by the NBA Board of Governors — is being made from his personal fortune.
Prokhorov, through Onexim Sports and Entertainment Holding USA, Inc., remains the controlling owner, for now. But Tsai, worth an estimated $9.7 billion according to Forbes, has the option to buy enough shares in 2021 to take a controlling interest of the team.
“As we looked for a partner for the team, the No. 1 priority was to find someone who shares our global vision and passion for the future development of the Brooklyn Nets,” Prokhorov, whose willingness to sell The Post first reported, said in a release. “Those who have followed our story know that, having learned some hard lessons, we’re focused on building our culture, and this must be reflected in all that we do — in our players, our staff and our front office.
“It was important to us that we choose a partner who shares our commitment to the highest standards as we create a truly wonderful NBA franchise. I welcome Joe to the organi- zation and I am looking forward to working with him for years to come.”
Tsai, a 54-yearold Canadian citizen, attended the posh Lawrenceville School in New Jersey and played lacrosse at Yale. After earning his juris doctor degree from Yale Law School, Tsai came back to New York City to work and met his wife, Clara, here.
“As a lifelong sports fan, I’m very proud to join the Nets ownership and the NBA family,” Tsai said in a statement. “I lived in New York in the early days of my career and the city holds a special place in my heart. I share the vision and culture that Mikhail Prokhorov, CEO Brett Yormark, General Manager Sean Marks and head coach Kenny Atkinson have put in place, and I look forward to being part of this great franchise.”
He is also looking forward to co-owning a team led by his favorite player, point guard Jeremy Lin. Tsai was born in Taiwan, while Lin is of Taiwanese parentage.
“Most importantly the new partner … Joe Tsai, cofounder of Alibaba, the fact is that he’s someone who’s living in China but very familiar with the Brooklyn Nets brand,” NBA commissioner Adam Silver told The Post. “He’ll be the co-owner for several years, not controlling owner, [but] it speaks specifically to the interest in the Brooklyn Nets in China, and to the greater interest in the league.”