Alibaba Exec Vice Chair Joe Tsai has "reached an agreement in principle to purchase a 49 percent minority stake" in the Nets that has the option to "acquire controlling interest ... in several years," according to sources cited by Wojnarowski & Lowe of ESPN.com. The sources said that the price will be "based upon a $2.3 billion valuation of the team." Sources added that Mikhail Prokhorov will remain the team's principal and operating owner "for an additional four years, with a presumption that he will sell his majority stake upon the triggering of Tsai's option." Tsai will not "oversee any basketball or business operations as a minority partner." Sources said that those responsibilities will stay with Prokhorov "until he sells his majority stake." The deal "excludes the acquisition of the Barclays Center." Sources said that it is believed a "new long-term lease for the Nets will be negotiated in the near future." Sources added that Tsai has "expressed enthusiasm over the direction of the franchise" under GM Sean Marks and coach Kenny Atkinson and that he "plans to work on bridging his strong Asian business ties into global business opportunities" for the team (ESPN.com, 10/27). Alibaba earlier this month refuted reports that Tsai was in talks to buy a stake in the Nets (THE DAILY).
