Alibaba Co-Founder Nears Record-Price Deal In NBA Acquisition

Alibaba co-founder Joseph Tsai is nearing an agreement to gain sole ownership of the NBA Brooklyn Nets in a deal valuing the team at $2.35 billion, according to the New York Times.

The deal, which will set a record for the purchase price of a U.S. sports franchise, does not include a stake in the Barclays Center, the team’s arena, though Tsai is also expected to eventually gain control of that from Prokhorov’s Onexim.

The negotiations were confirmed by two people with knowledge of them who were not in a position to discuss them publicly.

Read the full story here.