Joseph Tsai Biography
Joseph Tsai is a Chinese born Canadian businessman who is the co-founder and executive vice-chairman of Alibaba Group.
Joseph Tsai has been confirmed as the new owner of the Brooklyn Nets and their Barclays Center home after buying Russian billionaire Mikhail Prokhorov’s 51% controlling stake in the franchise #Nets #NBA #SportsBiz https://t.co/hw6nxezwcG
— SportsPro (@SportsPro) August 16, 2019
Joseph Tsai Age
Joseph Tsai is 55 years old
Joseph Tsai Networth
Joseph Tsai has agreed to purchase the Brooklyn Nets and Barclays Center in a deal that allows Russian billionaire Mikhail Prokhorov to retain control of NYCB Live’s Nassau Coliseum: https://t.co/S2szcjZ1KY | @jimbaumbach pic.twitter.com/qVByPPUyMJ
— Newsday Sports (@NewsdaySports) August 16, 2019
Joseph Tsai estimated net worth is $9.6 billion, according to Forbes. Tsai a Canadian businessman who is the co-founder and executive vice-chairman of Chinese internet giant Alibaba Group. He reportedly ranks as the second-largest shareholder.
Joseph Tsai Wife
? Check out an EMERGENCY episode of the @BKGlueGuys Brooklyn Nets Podcast w/ Net Income ?
– Highs and Lows of Mikhail Prokhorov’s Ownership
– What Will Change Under Joseph Tsai
– Melo Practicing With Nets Players
Listen Here: https://t.co/sjhiutNWVx
— Lineups Podcasts (@lineupspods) August 16, 2019
Tsai is married to Clara Ming-Hua Wu, a granddaughter of Wu San-Lien, the first elected mayor of Taipei City. Clara graduated from Stanford University, where she studied international relation
Joseph Tsai Children, Personal Life
— Business Insider SG (@BusInsiderSG) August 16, 2019
Tsai and Wu have three children. They lived in Hong Kong for over a decade and now live in the La Jolla neighborhood of San Diego, California, while he still spends much of his time in Hong Kong for business. His wife Clara is a member of the school’s board of trustees.
Joseph Tsai Parents
to Dr. Paul C. Tsai, a second-generation lawyer, and his wife Ruby. Tsai’s father, Dr. Paul C. Tsai, a native of Huzhou in Zhejiang, China, was born and grew up in Shanghai and moved to Taiwan in 1948. He came to Yale in 1953, received an LL.M. degree in 1954, and in 1957 became the first-ever person from Taiwan to receive a J.S.D. degree from Yale Law. Upon graduation, he returned to Taiwan, served in various key government roles for 8 years, and played a leading role in drafting policies and laws that contributed to Taiwan’s economic miracle and integration into the international economy. In 1965, he turned to private practice and with his father, Ruchin Tsar, founded Taiwan’s first partnership law firm Tsar & Tsai, an industry pioneer with a reputation for quality and innovation, which also contributed greatly to Taiwan’s growth and development, particularly in the international arena by representing multinational corporations to attract foreign capital to Taiwan.
Joseph Tsai Siblings
He has three younger siblings, Eva, Vivian, and Benjamin.
Joseph Tsai Education
At age 13, Tsai was sent by his parents to the Lawrenceville School, where he played lacrosse and was a member of the Cleve House. Tsai enrolled in his father’s alma mater, Yale University, and played lacrosse there as well. He received a Bachelor of Arts’ degree in economics and East Asian studies from Yale College in 1986 and a Juris Doctor degree from Yale Law School in 1990.
Joseph Tsai Career
#Alibaba‘s co-founder Joseph Tsai buys the NBA’s Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced.
According to some reports, the deal will cost Tsai US$2.35 billion. pic.twitter.com/vEimq7zQXd
— EHA News (@eha_news) August 16, 2019
Tsai became a tax associate at Sullivan & Cromwell right after graduation and was admitted in New York on May 6, 1991. After three years at the law firm, he switched to private equity and joined Rosecliff, Inc., a small management buyout firm based in New York, as vice president and general counsel, seeking a role that allowed him to make decisions instead of providing advice. He left for Hong Kong in 1995 to join Investor AB, where he was responsible for its Asian private equity investments.
It was in this role that he first met Jack Ma in 1999 in Hangzhou after being introduced by a friend who was trying to sell his own company to Ma. Tsai was impressed with Ma’s idea to create an international import and export marketplace, as well as his charismatic personality, but it was Ma’s followers and their energy and enthusiasm that ultimately convinced Tsai. Later that year he quit the $700,000-a-year job at Investor AB and offered to join Ma as a member of the founding team for almost nothing. At the time each of Alibaba’s 18 co-founders—of which Tsai was the only Western-educated member—accepted a salary of only $600 a year. He served as a chief operating officer, chief financial officer, and founding board member. He single-handedly established Alibaba’s financial and legal structure, since no other member of the team had any experience in venture capital or law. In May 2013, he became Alibaba’s executive vice-chairman. Due to his unique contribution, he has become the second-largest individual shareholder of Alibaba, right after Ma.
Joseph Tsai Sports ownership
He is the owner of the San Diego Seals, a box lacrosse franchise with the National Lacrosse League. In October 2017, Tsai announced that he would purchase a 49% stake in the Brooklyn Nets from Russian billionaire Mikhail Prokhorov for $2.3 billion with the option to buy the remaining stake of the team no later than 2021. In March 2018 Tsai joined a Michael Rubin-led group to buy the Carolina Panthers. In January 2019, Tsai headed a group that bought the WNBA’s New York Liberty from The Madison Square Garden Company in January 2019.
In February 2019, Tsai, along with The Chernin Group and The Raine Group, invested in the Premier Lacrosse League, a new lacrosse league founded by lacrosse player Paul Rabil and his brother Mike Rabil.
Joseph Tsai Philanthropy
In March 2016, Tsai donated $30 million to his alma mater, Yale Law School, in honor of his father to support the continuing work of the Law School’s China Center and renamed it Paul Tsai China Center.
In December 2016, Yale announced a university-wide project center for innovative thinking with a mission to inspire students from diverse backgrounds and disciplines to seek innovative ways to solve real-world problems. Six months later, on May 2017, Tsai and his wife, through the Joe and Clara Tsai Foundation, made another donation to Yale for the construction, launch, and programs of the center and named it Tsai Center for Innovative Thinking.
One month later, in June 2017, Tsai and his wife, again through the Joe & Clara Tsai Foundation, made a donation to his high school, the Lawrenceville School, which was the single largest gift the school ever received. Tsai is a member of Lawrenceville’s board of trustees.
Joseph Tsai Alibaba co-founder buy the Brooklyn Nets $2.35 BILLION
With the proposed sale of the Brooklyn Nets from Mikhail Prokhorov to New York attorney and Alibaba cofounder Joseph Tsai announced, the NBA will now refresh its vetting of Tsai. NBA players will also take notice of the deal’s value ($2.35B). Details here: https://t.co/pNxbbOEmrx pic.twitter.com/Syfl71axff
— Michael McCann (@McCannSportsLaw) August 16, 2019
Joseph Tsai, the Brooklyn Nets minority owner and co-founder of e-commerce giant Alibaba, is finalizing a deal to buy the remaining 51 percent of the NBA franchise from majority owner Mikhail Prokhorov for $1.35 billion.
Tsai previously purchased 49 percent of the team for $1 billion last year. And by kicking in another $1.35 billion, the native of Taiwan would pay the highest price ever for a sports franchise – more than last year’s $2.2 billion sale of the NFL’s Carolina Panthers and the $2.2 billion purchase of the NBA’s Houston Rockets in 2017.
The New York Post is reporting that a deal is expected to be completed by the end of the week.
A source familiar with the negotiations confirmed the impending sale to the Daily Mail. A team spokesperson declined to comment.
The agreement has been expected as Tsai had the option to purchase the rest of the franchise outright before the 2021-22 season.
Prokhorov bought his controlling stake of the Nets in 2009 for less than $400 million.
Tsai, a basketball fanatic who also owns the WNBA’s New York Liberty, is worth close to $10 billion, according to Forbes.
Previously the Post reported that Tsai was attempting to purchase the Nets’ arena, Barclays Center, in an effort to expedite the sale of the team. The NBA prefers that its owners also control their home arenas.
However, the sale of the team does not include the arena, but that does not preclude such a transaction from taking place in the future.
Fast Facts You Need to Know
- After agreeing to buy the NBA’s Nets for $2.35 billion, Alibaba co-founder Joseph Tsai is expected to buy the team’s arena, Barclays Center, for $700 million
- Tsai previously bought 49 percent of the Nets from Russian businessman Mikhail Prokhorov last year for $1 billion. In total, the team and arena cost $3 billion
- The $2.35 billion prices for the Nets is a record for a sports franchise, topping the $2.2 billion sales of the NFL’s Carolina Panthers and the NBA’s Houston Rockets
- Prokhorov bought the New Jersey Nets for less than $400 million in 2010
- The team moved to Brooklyn in 2012 and has since struggled to turn a profit
- The Nets recently signed NBA All-Stars Kevin Durant and Kyrie Irving to a pair of four-year deals totaling $305 million. Ticket sales have spiked since the signings
- Brett Yormark, the CEO of the Nets’ parent company, is expected to resign Friday