Published: Fri, August 16, 2019
Sport | By Wilson Duncan

Joseph Tsai to buy Brooklyn Nets majority ownership for record sum

Joseph Tsai to buy Brooklyn Nets majority ownership for record sum

In what stands to be the biggest purchase in sports history until now, Taiwanese-Canadian billionaire Joseph Tsai reportedly means to buy the Brooklyn Nets for Dollars 2.35 billion, The New York Post reported. The report states that he will pay a record 2.35 billion dollars to become the full owner of the National Basketball Association organization.

A separate deal is expected to be completed to allow Tsai to purchase the team's home - Barclays Center in Brooklyn - though that would be for a number beyond the price paid for the Nets. The Russian billionaire bought full ownership of the team in 2015. He also owns the WNBA's New York Liberty.

When Tsai purchased 49% of the team past year for $1 billion, he locked in the right to buy the remaining 51% before the 2021-22 season for $1.35 billion, according to the report.

Carolina Panthers owner David Tepper and Houston Rockets owner Tilman Fertitta each paid $2.2 billion to buy their respective teams.

Tsai's deal to buy a minority stake in the Nets granted him the option to purchase controlling interest from Prokhorov by the 2021 season.

Previously Tsai reportedly attempted to purchase the Nets' arena, Barclays Center, in an effort to expedite the sale of the team.

The sale comes at a time when the Nets are still high off their recent off-season buying spree, which landed them contracts with NBA All-Star free agents Kyrie Irving and Kevin Durant.

Sales staff received almost 1,000 inbound calls on that day alone, and within a week, the Nets had already exceeded its ticket revenue for all of the 2018-19 season.

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