VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
The vice chairman of Alibaba Joseph Tsai is close to buying 51% of the NBA team Brooklyn Nets. The deal is expected to be officially announced this week.
Tsai bought 49% of the Nets in 2018 for $1 billion, and locked in the right to buy the remaining 51% of the team before the 2021-2022 basketball season for an additional $1.35 billion.
With this new deal taking place, Tsai would pay a total of $2.35 billion for the ownership of the Nets, making the transaction the highest price ever paid for a sports franchise.
The Nets revenue for the last financial year was $2.9 billion, ranking 6th among the 30 NBA teams. The team has seen great improvements on the basketball court, making it to the playoffs for the first time since 2014-2015 season. On top of that, the Nets have acquired Kevin Durant and Kyrie Irving in the off season, two big names that are expected to help increase attendance at the Barclays Center, the Nets’ home court. It is estimated that the Nets will see a 10%~15% increase in revenue.
Tsai’s family came from Zhejiang, China, and Tsai himself was born in Taiwan, China. This connection with China is expected to make the Nets more popular in China, increasing its business opportunities there.
Reference: qq.com
Proofread by Raymond Fitzpatrick
Future of Sport: a resounding success for the Global Sports Week and Viva Technology collaboration
21 Jun 2023 12:27
Related coverage
An interview with Scott O’Neil (Part I): "We love being first"
24 Jul 2019
Dongfeng Nissan partners with NBA China
14 Oct 2015
Artree Floor advertise via NBA’s Trail Blazers
01 Jan 2019
Weekly Report: CBA Playoff Finals back to stage
15 Mar 2016
Two partners for the 2017 NBA Global Games China
29 Sep 2017
More from Yutang Sports
WFDF is ready to fly in Chengdu for the World Games 2025
17 Apr 2024
Future of Sport: a resounding success for the Global Sports Week and Viva Technology collaboration
21 Jun 2023
IWGA to confirm the World Games host
11 Apr 2024
SportAccord 2024 - sport as a ‘powerful, transformative tool’ under spotlight at CityAccord
29 Mar 2024
SportAccord 2024 - combating online abuse ‘chance for sport to show its power’
22 Mar 2024
Yutang Sports
loading...