According to the New York Post, Billionaire Joseph Tsai is nearing a deal to purchase 51% of the Nets for a record $2.35 billion.
Tsai, the co-founder of the e-commerce company Alibaba, already owns 49% of the team, which he purchased for $1 billion last year. He locked in the right to buy the remaining 51% of the Nets before the 2021-22 season for an additional $1.35 billion from Russian billionaire Mikhail Prokhorov. By agreeing to the deal, Tsai will exercise his right to purchase the rest of the team two seasons early, reports the Post.
Tsai's $2.35 billion purchase will be the highest price ever paid for a sports franchise. Hedge fund owner David Tepper purchased the Carolina Panthers for $2.2 billion last year, and Tilman Fertitta bought the Houston Rockets for $2.2 billion in 2017.
Last season, the Nets finished with a 42–40 record but landed two of the biggest free agents in the summer. Kevin Durant signed a four-year, $164 million deal with Brooklyn, while Kyrie Irving inked a four-year, $141 million deal.
Information from SI.com and The New York Post contributed to this report.