Alibaba Vice Chairman acquires American lacrosse club for $5 million

Alibaba Executive Vice Chairman Joseph Tsai has acquired a National Lacrosse League’s expansion team in San Diego California, United States.

According to a report by Bloomberg, the Alibaba billionaire paid nearly US $5 million for the yet-to-be-named NLL club. The new San Diego club will join the other nine NLL clubs for the 2018-19 season at the AEG-owned Valley View Casino Center.

“I have a strong passion for lacrosse, and look forward to bringing the NLL to San Diego. Our team is committed to creating a fan-first experience and to being an integral part of the local community,” Tsai said in a statement.

Tsai’s experience of playing lacrosse at Yale in the 1980s may be a reason behind his acquisition. Meanwhile, he may also use the acquisition to learn more about US sports investment before a larger acquisition. Tsai, who owns a wealth of US $8.9 billion according to Forbes, has expressed interest in buying a stake of the NBA’s Brooklyn Nets.

Founded in 1986, the NLL currently has ten teams, six in the United States and four in Canada. After the expansion team in San Diego, the league has plans to add a couple more franchises annually. Its average attendance has risen to more than 10,000 last season, up 12 percent from the previous season.

Source: Techweb & QQ

Proofread by William Logsdon