Alibaba (BABA - Get Report) co-founder Joseph Tsai purchased a 49% minority stake in the NBA's Brooklyn Nets franchise in a deal that also presents the option to take a majority stake in the team in a few years, sources told ESPN Friday.
The purchase price will be based on the team's $2.3 billion valuations, according to ESPN's league sources.
The deal excludes the acquisition of the Barclays Center in Brooklyn, which also hosts concerts and other sporting events throughout the year.
Russian billionaire Mikhail Prokhorov purchased a controlling stake in the team in 2010 and completed a deal for ownership of the Barclays Center in 2015.
The Nets have been one of the least profitable teams in the NBA since they moved from New Jersey in 2012. The team lost a league-high $144 million during the 2013-14 NBA season, and while that number was lowered to $23.5 million last season, it still represented the second-highest total in the league.