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Alibaba Co-Founder Joseph Tsai in Talks to Buy Barclays Center; Nassau Coliseum

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Joseph Tsai, a billionaire who is one of the proud co-founders of Alibaba, is progressing forward with a purchase of the Brooklyn’s Barclays Center and the new Nassau Coliseum in Uniondale from Russian billionaire oligarch Mikhail Prokhorov, according to the New York Post. The paper’s sources added that the Nets will have Tsai as an owner once the negotiations are finished.

Tsai is no stranger to the Nets. He owns 49 percent of the team following a $1 billion purchase last year. The soon-to-be owner from Taiwan, estimated by Forbes to be worth almost $10 billion, is expected to pay another $1.35 billion in order to gain full control from Prokhorov in time for the 2021-22 regular season.

The New York Post explains that Tsai’s expected purchase of Barclays Center would help him with his Nets purchase as well because he would be in line with the NBA’s preference for team owners to also have ownership over the team’s home turf.

The Russian oligarch got the Nets and Barclays Center to himself a few years ago with a deal approved by the NBA Board of Governors. It transferred stakes in the team and the arena controlled by Forest City, Bruce Ratner to Prokhorov. Prokhorov owned 80 percent of the Nets and 45 percent of the Barclays Center since 2010 up through that point.

Note: This article has been updated to reflect that prior reporting about a deal between Onexim and Prokhorov was not accurate.

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