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Alibaba’s Tsai completes purchase of Brooklyn Nets stake


Joseph Tsai, a Taiwanese Canadian billionaire and executive vice-chair of e-commerce giant Alibaba Group, has completed the purchase of a 49% stake in the NBA basketball team the Brooklyn Nets.


Tsai and the Nets reached an agreement last October to buy 49% of the team for US$ 2.3 billion. The team announced on Thursday that the purchase has been completed after the NBA board of directors unanimously approved the deal. The team also said that its daily business and basketball operations will not change.


Tsai said the NBA is one of the biggest sports brands in the world, and that he looks forward to the league’s growth and to presenting the New York City borough of Brooklyn to the rest of the world.


Mikhail Prokhorov, the Nets’ majority owner, said he welcomes Tsai on the team and looks forward to working with him in the future. He said Tsai has what he looks for in a partner -- a person with global vision and a passion for basketball.