Tsai officially assumes full ownership of Nets
Record $3.5 billion deal approved by NBA Board of Governors
Joe Tsai has assumed full control of the Brooklyn Nets and Barclays Center after the NBA Board of Governors officially approved his record-breaking $3.5 billion purchase of the franchise and arena from former owner Mikhail Prokhorov on Wednesday.
Tsai, known primarily as the co-founder of Alibaba, has long been involved in professional sports holdings such as the WNBA’s New York Liberty.
He also owns the San Diego Seals of the National Lacrosse League as well as having investments in the Premier Lacrosse League, Los Angeles FC of Major League Soccer and several sports media and technology companies based in North America and Asia.