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AP source: Nets minority owner’s group nearing Liberty deal

January 9, 2019

NEW YORK (AP) — A person familiar with the purchase tells The Associated Press that an investment group led by Brooklyn Nets minority owner Joseph Tsai is close to a deal to buy the New York Liberty.

The person, who said the deal could be done within a week, spoke to the AP on condition of anonymity Wednesday because the discussions were private.

Tsai, who is the co-founder of the Alibaba Group, bought a 49 percent interest in the Nets in April. Liberty owner James Dolan put the team up for sale in November 2017. There had been several potential buyers, with a few getting close to purchasing the team, but the deals fell through for various reasons.

The Liberty said before last season that it had “lost money every year since its inception and cumulative losses exceed $100 million.”

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