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Joseph Tsai. Photo: studioEAST/Getty Images

Joseph Tsai, the billionaire co-founder of Chinese e-commerce giant Alibaba, is nearing a deal to purchase the remainder (51%) of the Brooklyn Nets that he does not already own from Russian billionaire Mikhail Prokhorov, New York Post reports.

Why it matters: The $2.35 billion purchase will be the highest price ever paid for a sports franchise, surpassing the $2.2 billion each paid by David Tepper for the Carolina Panthers last year and Tilman Fertitta for the Houston Rockets in 2017.

Details: Tsai paid $1 billion to purchase 49% of the Nets last year, while also locking in the right to buy the remaining 51% before the 2021–22 season for an additional $1.35 billion.

Meet Joe:

  • Age: 55
  • Born: Taipei, Taiwan
  • Net worth: $9.9 billion
  • His backstory: At age 13, Joe left home to attend a New Jersey boarding school (Lawrenceville) and later enrolled in Yale, where he played lacrosse. In 1999, he left his investment banking job to become one of Alibaba's 18 co-founders.
  • Sports ownership: In addition to the Nets, Joe also owns the New York Liberty (WNBA) and the San Diego Seals (National Lacrosse League), and he's an investor in the Premier Lacrosse League.

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The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.