Taiwanese billionaire Joe Tsai buys 49% stake in NBA Brooklyn Nets basketball team

Jeremy Lin plays for the Brooklyn Nets

TAIPEI(Taiwan News)- Brooklyn Nets owner, Russian billionaire Mikhail Prokhorov sold a 49-percent stake in the Brooklyn Nets basketball team to Taiwanese billionaire Joe Tsai(蔡崇信).

Taiwanese descent Jeremy Lin(林書豪) plays for the Brooklyn Nets and he is one of the few Asian-Americans in NBA history, and the first American of Taiwanese descent to play in the league. 

Prokhorov will continue to be the team's controlling owner through Onexim Sports and Entertainment Holding, and the sale will not affect its day-to-day management and basketball operations.

According to the Associated Press, the deal signed between Prokhorov and Tsai allows the latter to acquire further shares in 2021. If exercised, he would be likely to become the controlling owner of the Brooklyn Nets in the near future. However, the sale between them does not include Barclays Center. 

Joe Tsai is the executive vice-chairman and co-founder of China-based global internet company Alibaba Group Holding Ltd.