Basketball

Alibaba exec to buy Nets, arena for $3.4 billion — 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 sources 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. Instead, he pushed up that timeline for full ownership of a team on the rise after signing superstars Kevin Durant and Kyrie Irving in July. Terms were not disclosed, but sources familiar with the matter 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. They spoke on condition of anonymity because the agreements are not complete. The deal is expected to be completed by the end of September and is subject to approval by the NBA’s Board of Governors.

— From wire reports

23855588