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IPFS News Link • Entertainment: Sports

Alibaba co-founder Joseph Tsai set to buy the Brooklyn Nets-

• by Alex Raskin

Brooklyn Nets minority Joseph Tsai is reportedly close to purchasing the team from Mikhail Prokhorov outright for a record total of $2.35 billion

Tsai previously purchased 49 percent of the team for $1 billion last year 

Once completed, the $2.35 billion transaction would be the most expensive in the history of pro sports, beating a pair of recent $2.2 billion franchise sales 

The agreement was expected as Tsai reportedly had the option to purchase the rest of the franchise outright before the 2021-22 season 

A basketball fanatic who also owns a WNBA team, Tsai is worth about $10 billion

The sale comes at a good time for the Nets, who have struggled to turn a profit since before they moved across the Hudson River from New Jersey in 2012

Ticket sales have soared since the Nets added Kyrie Irving and Kevin Durant