Alibaba Group Holding Ltd Executive Vice Chairman Joe Tsai
The NBA Board of Governors approved Wednesday the sale of the Brooklyn Nets to Joe Tsai.
"We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets," said Commissioner Adam Silver.
Tsai is co-founder of China-based global internet company Alibaba.
He will buy the remaining 51% of the Nets from Russian billionaire Mikhail Dmitrievitch Prokhorov.
Tsai had been holding 49% shares of the club.
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