Taiwanese-Canadian businessman Joseph Tsai bought the Brooklyn Nets for a record price — despite the fact that the team had the worst attendance in the NBA last year.
It’s a gamble — but one that Tsai could win, experts said.
Tsai, the co-founder and vice chair of Alibaba, became the new owner of the Nets on Friday in a deal that cost $2.35 billion over two years— the most ever paid for a sports team.
The median value of an NBA team today is about $1.75 billion, sports bankers said, which means Tsai paid a hefty premium even though the Nets barely make a profit.