The Brooklyn Nets owner Mikhail Prokhorov will sell his 49 percent minority stake to Joseph Tsai, a Taiwanese billionaire and co-founder of Chinese e-commerce business, Alibaba, according to a report by ESPN.
The Nets declined to comment.
The Barclay's Center is also included.
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Tsai's wife and children live in La Jolla, according to the San Diego Union-Tribune, and the couple donated $1 million to the La Jolla Music Society toward construction of the Conrad Prebys Performing Arts Center.
The Nets last made the playoffs in 2015, losing in the first round to the Atlanta Hawks after a sub-.500 regular season. Despite losing point guard Jeremy Lin to a season-ending knee injury, the Nets are now 3-2, and are coming off a dramatic win over the defending Eastern Conference champion Cleveland Cavaliers.
Earlier this year, Prokhorov told Russian media he was in the process of selling 49 percent of the franchise. Current owner Mikhail Prokhorov is expected to retain control of the team until then. That said, Prokhorov has always maintained that he would listen to offers for the franchise that relocated to Brooklyn from New Jersey for the 2012-13 season. And many would-be owners say that legalized sports betting, which NBA Commissioner Adam Silver has said is inevitable, will be worth billions to the major US sports leagues. It's unlikely that any of New York's other marquee teams - the Jets and Giants, baseball's Yankees and Mets, or basketball's Knicks and hockey's Rangers - will be on the market anytime soon. The record price for an National Basketball Association franchise was recently set by the Houston Rockets, who were sold by Leslie Alexander to Tilman Fertitta for $2.2 billion earlier this month.