Alibaba co-founder buying Brooklyn Nets minority stake at $2.3B valuation

Alibaba co-founder buying Brooklyn Nets minority stake at $2.3B valuation

The agreement leaves open the possibility of acquiring controlling interest in the National Basketball Association franchise in a few years, according to ESPN.

Tsai's wife and children live in La Jolla, according to the San Diego Union-Tribune, and the couple donated $1 million to the La Jolla Music Society toward construction of the Conrad Prebys Performing Arts Center.

According to ESPN reports, Prokhorov will remain the owner of the Nets for four years, but it is expected he will sell his majority share if Tsai opts to take controlling interest.

Mikhail Prokhorov's search for a Nets buyer is reportedly nearing an end.

Tsai, 53, will not have management or business responsibilities as a minority partner.

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While Prokhorov, who has held a majority stake in the Nets since 2010, will retain the right to make team and business decisions, sources told ESPN that the deal was done with the expectation that Tsai would eventually replace the Russian billionaire as the primary owner through a majority stake. Initially it looked as if the Nets valuation would be less than the Houston Rockets' $2.2 billion sale. While the Nets will still play in the arena, the two will have to negotiate a long-term lease.

The Nets last made the playoffs in 2015, losing to the Atlanta Hawks in the first round.

Without the Barclays Center, the deal hinges on whether or not the Nets can be successful financially.

Tsai has been pleased with how Nets general manager Sean Marks and coach Kenny Atkinson are running the team, and plans to bring global business opportunities to the franchise through his connections throughout Asia, per the report.

Tsai, who was born in Taiwan, attended Yale University for both undergrad and law school.

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