Alibaba exec taking stake in NBA team

The co-founder of Chinese Internet titan Alibaba Group Holding is set to buy a 49 percent stake in the Brooklyn Nets, U.S.-based sports network ESPN reported on Friday, citing National Basketball Association (NBA) sources.

Joseph Tsai, Alibaba's executive vice chairman, has reached an agreement in principle to acquire the stake, the report said.

The agreement leaves open the possibility of acquiring a controlling interest in the NBA franchise in a few years, according to ESPN.

The sources said that the price of Tsai's stake will be based upon a $2.3 billion valuation of the team, the ESPN report said.