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BROOKLYN, NY - OCTOBER 5: The Brooklyn Nets logo before the game against the Miami Heat during a preseason game on October 5, 2017 at Barclays Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2017 NBAE (Photo by Nathaniel S. Butler/NBAE via Getty Images)

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Alibaba Group co-founder Joseph Tsai reportedly has purchased 49 percent of the Brooklyn Nets from Mikhail Prokhorov along with the “right to buy controlling interest in the team,” according to Brian Lewis of the New York Post

The sale “would value the Nets at $ 2.35 billion, a record for the NBA,” though it does not include ownership of the Barclays Center. However, it will give Tsai the chance to purchase more shares in 2021 in order to take over controlling interest of the team.

Tsai released a statement on Thursday:

“As a lifelong sports fan, I am very proud to join the Nets ownership and the NBA family. I lived in New York in the early days of my career and the City holds a special place in my heart. I share the vision and culture that Mikhail Prokhorov, CEO Brett Yormark, General Manager Sean Marks and Head Coach Kenny Atkinson have put in place, and I look forward to being part of this great franchise.

“Basketball is a global sport and the NBA is one of the most recognized brands in the world. I am excited about the NBA’s international growth prospects, and hope to play a part in bringing the NBA and the special character of the Brooklyn Nets to fans around the world.”

                        

This article will be updated to provide more information on this story as it becomes available.

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