Prokhorov reportedly sold 49% of the Nets

2017-10-27T14:03:09+00:00 2017-10-27T14:03:09+00:00.

Aris Barkas

27/Oct/17 14:03

Joseph Tsai, the executive vice chairman and co-founder of Chinese e-commerce goliath Alibaba, has reached an agreement in principle to purchase a 49 percent minority stake in the Brooklyn Nets

By Eurohoops team/

The deal includes the option to acquire controlling interest of the NBA franchise in several years, according to ESPN.

The purchase price will be based upon a $2.3 billion valuation of the team, league sources said. Mikhail Prokhorov will remain the principal and operating owner of the Nets for an additional four years, with a presumption that he will sell his majority stake upon the triggering of Tsai’s option.