NBA: Alibaba Group executive vice-chairman Joe Tsai approved as new owner of Brooklyn Nets

The backing of the NBA's board of governors was the final step to complete the deal, worth a reported $3.5 billion, for Tsai to buy the club and its arena, the Barclays Center

Agence France-Presse September 19, 2019 21:04:29 IST
NBA: Alibaba Group executive vice-chairman Joe Tsai approved as new owner of Brooklyn Nets
  • 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

  • The backing of the NBA's board of governors was the final step to complete the deal, worth a reported $3.5 billion, for Tsai to buy the club and its arena, the Barclays Center

  • Durant will miss the upcoming 2019-20 campaign after suffering a torn right Achilles tendon but the forward could combine with Irving, a former standout at Cleveland and Boston, to produce a formidable inside-outside tandem

New York: 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.

NBA Alibaba Group executive vicechairman Joe Tsai approved as new owner of Brooklyn Nets

File image of Joe Tsai (R) and Jeremy Lin (L). Twitter@joetsai1999

The backing of the NBA's board of governors was the final step to complete the deal, worth a reported $3.5 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 $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 two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving.

"We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets. In addition to being a passionate basketball fan, Joe is one of China's preeminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league's efforts to grow the game in China and other global markets," NBA Commissioner Adam Silver said in a statement.

Durant will miss the upcoming 2019-20 campaign after suffering a torn right Achilles tendon but the forward could combine with Irving, a former standout at Cleveland and Boston, to produce a formidable inside-outside tandem.

The Nets lost to Philadelphia in the first round of last season's NBA playoffs after a 42-40 regular season. They had not reached the playoffs since 2015. The club has won only one playoff series since 2007.

Silver thanked Prokhorov and former Nets executive Dmitry Razumov for contributions to the team and community, adding, "they leave a thriving team well-positioned for the future."

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Super 'Stunday': Making sense of the night where not much made sense
Sports

Super 'Stunday': Making sense of the night where not much made sense

Most nights, sport is an unwavering, unflinching meritocracy. But, every once in a while, you really need help understanding sport.

NBA: As US Presidential elections draw closer, players, coaches and teams urge everyone to vote
Sports

NBA: As US Presidential elections draw closer, players, coaches and teams urge everyone to vote

“We’ve got to get people to vote,” Doc Rivers, now the coach of the Philadelphia 76ers, said during these playoffs when he was coaching the Los Angeles Clippers.

Brett Brown steps down as Basketball Australia head coach in build up to Tokyo Olympics 2020
Sports

Brett Brown steps down as Basketball Australia head coach in build up to Tokyo Olympics 2020

Brown had worked with the Australian men’s team in the 1990s and early 2000s and again from 2009-12 before joining 76ers. He was hired again in November last year on a short-term basis for the Olympic assignment after Andrej Lemanis quit, and had been expected to do work with the Boomers during the NBA break.