The agreement will purportedly move forward with the "presumption" that Prokhorov will sell his remaining stake to Tsai at that time, though Prokhorov and his team will retain control of basketball and business operations until the majority stake is sold, according to the ESPN report.
Worth a total of $2.3 billion, the deal leaves Tsai with the option to buy the rest of the shares from Mikhail Prokhorov, a Russian billionaire who owns the rest of the team, by 2021.
The first non-North American owner of an National Basketball Association team, Prokhorov, at his introductory press conference in 2010, said the Nets would win a championship within five years.
Tsai bought a minority stake the Brooklyn Nets for $2.3 billion. He went on to earn his vast wealth co-founding Alibaba, which in August had a net worth of $420 billion. Prokhorov could then sell his majority stake when Tsai's option is triggered, according to ESPN. While the Nets will still play in the arena, the two will have to negotiate a long-term lease.
Prokhorov bought controlling interest in the Nets and a stake in the Barclay's Center development from real estate developer Bruce Ratner in 2009. They didn't. The Nets haven't had a winning season since the 2013-14 campaign, finishing last season with a 20-62 record.
The Nets and Barclays Center were valued at $875 million and $825 million, respectively, in that deal, according to Newsday.
Tsai attended high school in New Jersey after being born in Taiwan.
However, second-year coach Kenny Atkinson and general manager Sean Marks have seemingly improved the franchise this season.
That's likely to be the only title Prokhorov wins as owner of the Nets.