Joseph Tsai To Buy Remainder Of Nets For $2.2 Billion In Total

Joseph Tsai

Enlarge Image Joseph Tsai Getty Images

Meet the new owner of the Brooklyn Nets.

According to a report in the New York Post, Joseph Tsai is set to take over 100 per cent ownership of the Brooklyn Nets for a total of $2.35 billion. The deal, expected to be announced this week, would be the biggest sale ever for a sports franchise.

The $2.35-billion figure becomes the most expensive purchase for a North American sports franchise, surpassing the $2.2-billion acquisitions of the Carolina Panthers and Houston Rockets - both in 2018.

Tsai already owns 49 percent of the Nets.

Tsai reached his deal to buy the minority stake in 2017 for $1 billion that reportedly came with the option to buy the remaining stake for $1.35 billion prior to the 2021-22 season. Gaining two superstar level talents means more mainstream exposure and after having only one nationally televised game the season before, the Nets will be recurring faces on national television in 2019-20.

The Nets signed Durant for $164 million, despite an Achilles tendon injury that should keep him on the sidelines for a year.

Tsai, who Forbes estimates has a net worth of $9.3 billion, was reported to have been in talks to purchase Barclays Center and the Nassau Coliseum from Prokhorov back in March. The Taiwan native is known to speak positively of the Chinese government, sources said.

The Nets declined to comment.

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