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00:00:00
>> Chinese internet giant Alibaba on Thursday denied that it's vice chairman Joseph Sign is in advanced talks to buy a stake in the Brooklyn Nets. Company spokeswoman says Sigh has never talked to the seller and he is not purchasing any stake in the NBA team. Two sources told Reuters earlier on Thursday that the billionaire was in talks to by a stake in the basketball team, valuing it at around $2.2 billion, and that a deal could be finalized in the next few weeks.
00:00:27
They added that it was possible that negotiations could collapse at the last minute. The exact size of Sighs' possible stake could not be immediately learned. A deal would make the Brooklyn Nets the second NBA team to be worth more than $2 billion, demonstrating the increasing value of these teams as TV networks and advertisers continue to pour money into live sports.
00:00:47
And while a Chinese owner in the NBA is not unheard of, it's still incredibly rare. It was only last year that a Chinese citizen first entered the league with a minority stake in the Minnesota Timberwolves.