And now Alibaba co-founder and executive vice chairman Joseph Tsai is buying into the Brooklyn Nets at the NBA’s latest record valuation of $2.3 billion. Brooklyn Nets guard D’Angelo Russell has the team off to a surprising start this season. Tsai also bought a National Lacrosse League team in San Diego earlier this year as he explored this deal with the Nets. Nets owner Mikhail Prokhorov sold a 49% stake of the team to Joseph Tsai. He vowed in 2010 that the Nets would be NBA champions within five years—or else he would punish himself by getting married.

Source: Wall Street Journal October 27, 2017 14:50 UTC