Taiwanese-Canadian businessman Joe Tsai is officially the new owner of the Brooklyn Nets basketball team, which is gearing up for a hot new season after signing star players Kevin Durant and Kyrie Irving.
Russian billionaire Mikhail Prokhorov on Friday announced he sold his remaining 51% stake in the team to Tsai, co-founder and executive vice-chairman of e-commerce company Alibaba. Prokhorov also sold Tsai the Barclays Center arena, where the Nets play ball.
Tsai — who is worth $9.4 billion, according to Forbes — already owned a 49% stake in the team, which be bought last year for $1 billion.