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Billionaire investor and co-founder of Chinese giant Alibaba Joseph Tsai announced that he is buying the remaining 51% stake in the Brooklyn Nets and the Barclay Center, according to Business Insider. The price is the highest price ever paid for a sports franchise.

Tsai holds the second-most shares of Alibaba behind Jack Ma, giving Tsai a net worth of around $9.5 billion, according to Forbes.

Tsai has paid an additional $1.35 billion for the remaining 51% stake of the Nets and the Barclays Center from Russian financier Mikhail Prohorov. Tsai previously purchased a 49% stake in the team for $1 billion. This $2.35 Billion total purchase price beats Tilman Fertitta’s 2017 purchase of the Houston Rockets and David Tepper’s 2018 purchase of the Carolina Panthers, both valued at $2.2 billion.

Tsai said in a statement on August 16, "I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago. He hired a front office and coaching staff focused on player development, he supported the organization with all his resources, and he refused to tank. I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful."

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