Alibaba’s Tsai To Buy Brooklyn Nets!!

Are you a basketball lover and not aware of Brookyln Nets? Need not to worry as this article will help you in getting information about basketball and its related vital knowledge. Brooklyn Nets are none other but an American professional basketball team who is loved all over the world for their performances. The team competes in the National Basketball Association as a member of Atlantic division and also plays at its home games in Barclay’s center.

According to recent news it is known that Alibaba’s Group Holding Ltd. Executive Vice-Chairman Joe Tsai will buy Brooklyn Nets and also Barclays Arena for a humungous amount of US$3.5 billion. The announcement of this agreement where he bought the National Basketball Association team and arena from Russian billionaire Mikhail Prokhorov was announced on 16th August, 2019. Tsai who is currently enjoying a net worth of US$10.3 billion has directly declined to comment on this, according to news by Bloomberg Billionaires Index.

The individual had earlier bought a 49 percent stake which is a record for an American professional sports franchise as it is at a cost of US$2.3 billion.

Excitement is also surging for the franchise, which has given the most of its New York City tenure in the shadow of local rivals New York Knicks. It has been witnessed for the first time in four years when the Nets made their play-offs last season and adding to this Durant and Irving could now drive up sales of suites, tickets, merchandise and corporate sponsorships. Tsai who is a Taiwan born and a Yale Law School graduate is amongst one of Alibaba's 18 founding members. According to previous studies it is known that before being recruited by Alibaba chairman Jack Ma in 1999, Tsai worked as a tax lawyer at Sullivan & Cromwell LLP.

Tsai also owns the Women's NBA's New York Liberty and shifted to the US in 1977 so that he can attend an elite boarding school in New Jersey.

Tsai’s journey is really an inspiring one and every youth must follow it.

By: Prerana Sharma

Content: https://www.straitstimes.com/sport/basketball/nba-alibabas-joe-tsai-to-buy-brooklyn-nets-and-barclays-arena-for-us35-billion