Joseph Tsai to become new owner of Brooklyn Nets

The Brooklyn Nets are going to have a new owner soon. Alibaba co-founder, Joseph Tsai, is close to buying the 51 percent of the Nets that he doesn’t own from Russian billionaire Mikhail Prokhorov, according to Josh Kosman and Brian Lewis of the New York Post.

The Deal

The deal is expected to by completed by the end of this week. The $2.35 billon deal will be highest price paid for a sports franchise. It beats the $2.2 billion that David Tepper paid last year to own the Carolina Panthers, which is what Tilman Fertitta paid to buy the Houston Rockets in 2017.

The purchase will have to be approved by the NBA Board of Governors. Tsai is also trying to buy the Barclays Center in a separate deal , according to Tim Bontemps of ESPN.

Tsai isn’t really a new owner for the Nets. He bought 49 percent of the team for $1 billion last year. He has a net worth of $9.3 billion, per Forbes. The Nets currently have a value of $2.35 billion, ranked 37th among all sports teams, per Forbes.

The Future is Bright

The Nets are projecting that their revenue will increase by ten to 15 percent this season. Thats because they secured two of the biggest names in free agency, Kevin Durant and Kyrie Irving.

Last season the Nets were 42-40 and made the playoffs. However, They were eliminated in the first round of the playoffs by the Philadelphia 76ers.The addition of Durant and Irving should help the Nets contend for the Eastern Conference title sooner rather than later.

With Tsai seeking complete ownership of the Nets, the question is will he make the right moves if they struggle. The Nets are a team that should make the playoffs and contend for the championship. If the Nets aren’t winning then Tsai will need to make the right moves to make them winners.

We’ll have to wait and see if Tsai is a good owner when he gets total ownership of the Nets.

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