Friday 16 August 2019 17:16, UK
Joseph Tsai plans to buy the remainder of the Brooklyn Nets from Mikhail Prokhorov and become sole owner of the NBA franchise, according to reports.
When Tsai purchased 49 per cent of the team last year for $1 billion, he locked in the right to buy the remaining 51 per cent before the 2021-22 season for $1.35 billion, according to the New York Post.
The combined $2.35 billion transaction would be the highest price ever paid for a sports franchise in the United States.
David Tepper paid $2.2 billion for the NFL's Carolina Panthers last year, the same amount Tilman Fertitta spent for the NBA's Houston Rockets in 2017.
Tsai, 55, is the co-founder of the Chinese shopping website Alibaba. He also owns the WNBA's New York Liberty.
The Post said the deal will be announced this week. The Nets declined to comment on the story.
