The Brooklyn Nets will sell a 49 percent stake of the franchise to Joseph Tsai.

The purchase price will be based upon a $2.3 billion valuation of the team.

Tsai is the executive vice chairman and co-founder of Chinese e-commerce company Alibaba. Tsai has the option to acquire a controlling interest in the future.

Mikhail Prokhorov will remain principal and operating owner of the Nets for an additional four years, with a presumption that he will sell his majority stake upon the triggering of Tsai's option.