Alibaba Billionaire Buys Barclays Center For $700M
Status: Available Now!
Type: News
Date: Friday 16 August 2019, 12:00 AM
Media: Curbed

About the venue Barclays Center, Brooklyn (NY), US:
Type: Indoor
Sub-Types: Sports Centre
Notable Organizations: Curbed
The co-founder of Chinese retail and e-commerce giant Alibaba (one of Amazon’s fiercest competitors) is making moves in NYC. Earlier today, the NBA announced that billionaire Joe Tsai will buy the Barclays Center, along with the remaining share of the Brooklyn Nets that he didn’t already own. According to the New York Post, he’ll pay around $700 million for the arena. Tsai, who already owns 49 percent of the Brooklyn Nets, will get the 51 percent controlling interest in the team and the arena. Both Barclays Center and the basketball team will cost him more than $3 billion, the Post says. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York,” Tsai said in a statement. Tsai is buying the arena and team from Russian billionaire Mikhail Prokhorov, who, according to the Post, completed the purchase in 2015, and bought the arena at a price that valued it at $825 million. “The team is in a better place today than ever before and I know that Joe [Tsai] will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy,” Prokhorov said. The transaction will be closed by the end of September, according to the NBA, and Tsai will become chairman of the board of directors for Barclays Center and NBA governor of the Nets.
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