Joseph Tsai, the co-founder of the Chinese ecommerce giant Alibaba, is nearing a deal to take control of the Brooklyn Nets basketball team, as the sport grows in popularity in China.
People briefed about the matter said Mr Tsai, who already owns a 49 per cent stake in the Nets, is close to buying the controlling stake from Russian billionaire Mikhail Prokhorov.
The purchase would be the culmination of the 2017 agreement in which Mr Tsai bought his minority stake and an option to acquire the remainder by 2021. The deal valued the team at a record $2.35bn, the highest ever for a US sports franchise.
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