Tsai's takeover of Nets given NBA green light

Sports | AGENCE FRANCE-PRESSE 20 Sep 2019

Alibaba Group co-founder and executive vice-chairman Joe Tsai, a Canadian-Taiwanese billionaire, has been unanimously approved by NBA owners as the new owner of the Brooklyn Nets.

Backing of the league's board of governors was the final step to complete the deal, worth a reported US$3.5 billion (HK$27.3 billion), for Tsai to buy the club and its arena, the Barclays Center.

Tsai had invested in the Nets in October 2017 when he purchased a 49 percent stake in the club from Russian billionaire Mikhail Prokhorov for US$2.3 billion, with an option to buy the rest of the franchise no later than 2021.

Tsai exercised that option last month and will now oversee a revitalized club that made the first major off-season player deal this year by landing Kevin Durant and Kyrie Irving.

League commissioner Adam Silver said: "Joe's expertise will be invaluable in the league's efforts to grow the game in China and other global markets."

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