Now, it seems, Tsai will take over full control of the team.
Joseph Tsai, the co-founder of e-commerce company Alibaba who already owned 49 percent of the franchise, will purchase the remaining 51 percent from Russian billionaire Mikhail Prokhorov for a total of $2.35 billion, according to the New York Post. In the report, it states these workouts were super informal and that he also participated in some scrimmages, which means Melo has been seeing some on-the-court actions. Seven years later he is prepared to complete the largest sale in history for a North American sports franchise. After paying $1 billion to buy his initial stake, Tsai will put up $1.35 billion to purchase the remaining 51 percent, the New York Post reported, citing sources familiar with the matter.
In addition, Tsai still serves as executive vice chairman of Alibaba and "is known to speak positively of the Chinese government", the newspaper wrote. If Tsai signs off on the deal, he will be exercising his right to buy out Prokhorov two seasons early.
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A Canadian citizen, Tsai is also in talks to buy the Barclays Center, home stadium of the Nets.
Forbes reportedly puts his wealth at US$9.9 billion (NT$310.8 billion). He announced his intent to buy the entire Brooklyn Nets in October 2017. Tsai is also the owner of the San Diego Seals, a box lacrosse franchise with the National Lacrosse League. The NBA encourages its owners to own their own arenas. That comes after a 42-40 season and playoff appearance in 2018-19 that confounded most experts.