AP sources: Alibaba exec to buy Nets, arena for $3.4 billion

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In a record sale for a U.S. sports franchise, the co-founder of Alibaba agreed to buy the remaining 51 percent of the Brooklyn Nets and Barclays Center for about $3.4 billion, two people with knowledge of the details said Friday. Joe Tsai already had purchased 49 percent of the team from Russian billionaire Mikhail Prokhorov in 2018, with the option to become controlling owner in 2021. Terms were not disclosed, but those familiar with the agreements told The Associated Press that Tsai is paying about $2.35 billion for the Nets and nearly $1 billion in a separate transaction for the arena.

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