Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai is buying the remaining 51% stake he does not already own in NBA's Brooklyn Nets and the Barclays Center arena, Bloomberg News reported.
Financial details were not disclosed; however, a person familiar with the transaction reportedly said that Tsai is paying a total of about $3.5 billion, including debt, for the acquisition.
Tsai already owns a 49% stake in the organization, which he bought at a $2.3 billion valuation, and had an option to buy the remainder until 2021, the report noted.
The deal, set to close by September-end, is pending approval from NBA owners in what is deemed a formality since Tsai has already been vetted, the report noted.
Brett Yormark will resign as CEO of BSE Global, the parent company of the team and the arena, as part of the shakeup at the organization that would end Mikhail Prokhorov's ownership tenure, according to Bloomberg.