Joseph Tsai, the executive vice chairman and co-founder of Chinese e-commerce goliath Alibaba, has reached an agreement in principle to purchase a 49 percent minority stake in the Brooklyn Nets that includes the option to acquire controlling interest of the NBA franchise in 2021, league sources told ESPN. The purchase price will be based on a $2.3 billion valuation of the team, league sources said. The sales price of $2.3 billion eclipses the NBA-record $2.2 billion that Tilman Fertitta recently paid to purchase the Houston Rockets.
After crumbling to the court and leaving the Brooklyn Nets' season-opening loss with an injury, point guard Jeremy Lin's season is likely over. Lin has been diagnosed with a ruptured patellar tendon of the right knee and is expected to miss the rest of 2017-18, the team announced Thursday. "Jeremy worked tremendously hard during the offseason and in training camp and was excited for the prospects of the team this season," Nets general manager Sean Marks said in a statement Thursday. "We feel awful that the injury will cost him the season, however our entire organization will be there to support Jeremy in every way possible throughout his recovery. Jeremy remains an important part of this team and will continue to contribute in a leadership role."
The Big Apple’s second taste of” Linsanity” will take place across the Brooklyn Bridge. The Nets agreed to sign unrestricted free agent guard Jeremy Lin to a three-year deal worth $36 million, according to ESPN.com and Yahoo Sports. The deal reportedly includes a player option on the final season. Lin, 27, averaged 11.7 PPG, 3.2 RPG and 3 APG while earning $2.1 million for the Hornets last season. Brooklyn will be the sixth team in Lin’s seven-year career and the fourth since 2014.
Tim Frazier showed off his game to the New Orleans Pelicans -- and the Brooklyn crowd -- with another solid performance that might help him stick around in the NBA next season. Frazier had career highs with 19 points and 13 assists, Luke Babbitt added 21 points and the Pelicans beat the Nets 106-87 on Sunday.
Anthony Tolliver scored all 17 of his points in the second half and Aron Baynes scored 17 of his 21 in the fourth quarter to lift the Detroit Pistons to a 115-103 victory over the Brooklyn Nets on Saturday night.
Mikhail Prokhorov claims he has learned a lot in his six years as the owner of the Nets, yet he talked about becoming a contender next season.
Brooklyn Nets forward Kevin Garnett has been suspended one game without pay for head-butting Houston Rockets center Dwight Howard.