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Nets minority owner linked to WNBA team takeover

Joe Tsai, co-founder of Chinese internet company Alibaba, is reportedly set to increase his investment in US basketball by agreeing a deal to acquire women’s WNBA team the New York Liberty.

The Associated Press news agency, citing a person familiar with the purchase, said an investment group led by Tsai could complete the deal within a week.

Ahead of last season, when it finished with the second-worst record in the WNBA, the Liberty said it had lost money every year since its formation, with cumulative losses exceeding $100m (€86.7m).

In April 2018, Tsai completed the acquisition of a 49-per-cent stake in the Brooklyn Nets in a deal that reportedly granted the team a record valuation for an NBA franchise.