Adam Silver comments on sale of Nets to Joseph Tsai being approved unanimously
The NBA Board of Governors unanimously approved the sale of the Brooklyn Nets to Joseph Tsai, who is the billionaire co-founder of E-commerce giant Alibaba. It’s not clear what sort of ideas he has for the organization at this point, but commissioner Adam Silver was thrilled to welcome him aboard.
As part of an official statement on the approval, Adam Silver noted that Tsai’s global reach and internet expertise will continue to broaden the NBA market on a global scale:
The NBA Board of Governors has unanimously approved the sale of the Brooklyn Nets to Joe Tsai, the league announced. Here is commissioner Adam Silver’s statement, which references growing the game in China & that the Nets are well positioned for the future due to past ownership: pic.twitter.com/okyjNhjkAu
— Ian Begley (@IanBegley) September 18, 2019
Tsai, now 55 years of age, already owned a 49 percent stake in the Nets. He bought the remaining 51 percent from Russian financier Mikhail Prokhorov for a reported $2.35 billion, which was the highest price ever paid for a sports franchise. Tsai is also buying Brooklyn’s 19,000-seat home arena, the Barclays Center.
“I’ve had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago,” Tsai said in a statement on August 16. “He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail’s vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.”
The Nets will look quite a bit different in the coming season, as they’ve signed two All-Star caliber players in Kyrie Irving and Kevin Durant. With these two superstars on the roster, Brooklyn is expecting a 10-15% increase in revenue.
Brooklyn finished the 2018-19 regular season campaign with a 42-40 overall record, which earned the team a No. 6 seed in the Eastern Conference Playoffs. Unfortunately, though, the Nets were defeated by the Philadelphia 76ers in the opening round.