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Exclusive: Alibaba's Tsai in talks to buy stake in NBA's Brooklyn Nets - sources

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Exclusive: Alibaba's Tsai in talks to buy stake in NBA's Brooklyn Nets - sources

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(Reuters) – Joseph Tsai, the vice chairman of Chinese internet conglomerate Alibaba Group Holding Ltd <BABA.N>, is in advanced talks to buy a stake in the Brooklyn Nets, valuing the U.S. basketball team at around $2.2 billion, people familiar with the matter said. The deal could be finalised in the next few weeks, two sources said, cautioning that it was always possible negotiations collapse at the last minute. The exact size of Tsai’s possible stake could not immediately be learned. Neither the Brooklyn Nets of the National Basketball Association nor Tsai could immediately be reached for comment.

(Reporting by Jessica Toonkel and Olivia Oran in New York and Liana B. Baker in San Francisco; Editing by Matthew Lewis)
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