On Thursday, Alibaba Group – the China-based internet conglomerate – has denied that Joseph Tsai – the Vice Chairman of Alibaba – is in talks to purchase a stake in the Brooklyn Nets of the National Basketball Association.
Demand for real time games still the same
Jennifer Kuperman, the spokeswoman of the online retailer, said “This is false.” She added that, “Joe Tsai has never talked to the seller and he is not purchasing any stake in the Brooklyn Nets.” On the same day, two people familiar with the matter told news site Reuters that the Vice Chairman was in advanced talks to purchase a stake in the Brooklyn Nets. The U.S. basketball team was valued at around $2.2 billion, and as per reports, a deal could be finalized in the next few weeks.
The two sources said that it was possible that negotiations could collapse at the last minute. The sources did not reveal anything about attribution because according to them, they were not permitted to speak to the media. The exact size of possible stake of Tsai could not be learned immediately. In addition to this, the Brooklyn Nets could not be reached for comment.
This deal would make Brooklyn Nets the second team of NBA to be valued at more than $2 billion. This demonstrates the increasing value of the NBA teams as advertisers and TV networks continue to invest money into live sports. Live sports continues to drive people to watch the games in real time even when more and more people choose to watch their favorite shows on demand. According to reports, American casino mogul Tilman Fertitta purchased the Houston Rockets for $2.2 billion last month.
Alibaba is not just an e-commerce platform for China
Alibaba and Amazon are competing for the online marketing space every single minute of the day and now they are also moving towards the $500 billion valuation mark. The Chinese e-commerce site is focusing on investing in companies across the world whereas Amazon is focusing on expanding its e-commerce business in new markets.
Alibaba is investing in companies ranging beyond the e-commerce world, including social media and virtual reality. Alibaba is the first e-commerce platform to include services like TMall, Tabao and Alibaba.com. Also, the China-based online retailer has started AliPay that lets users pay through AntFinancial and its own platform. When the e-commerce company was listed at the New York Stock Exchange in 2014, it had set the record for the largest IPO in history. The company operates in over 200 countries, hence, it is not just an e-commerce platform for China but much more.