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.
