Alibaba Co-founder Completes Acquisition of Brooklyn Nets

Alibaba co-founder Joseph Tsai became the official owner of Brooklyn Nets by acquiring another 51% of its shares and the Barclays Center on September 19, according to Xinhua Sports.

Tsai spent $1.35 billion for the rest shares including the arena, which is home to the Nets team. The total also makes Nets the most valuable team in the National Basketball Association (NBA).

“We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets,” said Adam Silver, commissioner of the National Basketball Association. “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.”

Tsai appointed David Levy, president of Turner Broadcasting Sales, Inc. and president of Turner Sports, to be the new CEO of the Brooklyn Nets and its arena.

“We have a tremendous opportunity to capture the growth of sports globally. J Tsai Sports is in a unique position to leverage our global resources and a strong portfolio of sports, entertainment and technology holdings to create value for our existing franchises as well as invest in new ventures for growth,” Levy said in a team statement.

Tsai started investing in the Nets in late 2017, ultimately purchasing 49% for about $1 billion in early 2018.

The team will come to China to play two preseason games against the Lakers in Shanghai and Shenzhen.

According to Forbes magazine, Tsai is worth 9.9 billion US dollars.