Alibaba Group Holding Ltd co-founder Joseph Tsai is nearing a deal to buy the 51...
Joseph Tsai, Executive Vice Chairman of Alibaba Group, attends the Alibaba Group's 11.11 Singles' Day global shopping festival in Shanghai, China, November 11, 2017. REUTERS/Aly Song
- Alibaba Group Holding Ltd co-founder Joseph Tsai is nearing a deal to buy the 51% stake he does not already own in the U.S. basketball team Brooklyn Nets, a source familiar with the matter told Reuters.If the negotiations conclude successfully, a deal could be announced as early as this month, the source said.Tsai had then reserved the option to acquire additional shares in 2021, which would make him the controlling owner.
The sale would mark a new record for a U.S. professional sports franchise, the Wall Street Journal reported first on Wednesday. Reporting by Gregory Roumeliotis in New York and; Manojna Maddipatla in Bengaluru; Editing by Maju Samuel
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alibaba's Joseph Tsai to buy Brooklyn Nets in deal valuing team at record $2.35 billion, New York Post reportsThe deal, which is expected to be announced this week, would value the team at $2.35 billion, according to unnamed sources cited by the New York Post.
Read more »
Alibaba's Joseph Tsai to buy Brooklyn Nets in deal valuing team at record $2.35 billion, New York Post reportsThe deal, which is expected to be announced this week, would value the team at $2.35 billion, according to unnamed sources cited by the New York Post.
Read more »
A former NBA player was sentenced to 3.5 years in prison for possessing a loaded gunFormer NBA player Sebastian Telfair has been sentenced to three and a half years in prison for gun possession, Brooklyn District Attorney Eric Gonzalez announced on Monday
Read more »
Fox News host expresses frustration that young Americans believe in climate change'They want to fight the weather. The rest of us want to deal with real threats,' Fox & Friends co-host Pete Hegseth said.
Read more »