(Yicai Global) Sept. 19 -- Joseph Tsai, a Canadian-Chinese entrepreneur that helped found e-commerce powerhouse Alibaba, has completed his USD3.3 billion acquisition of the Brooklyn Nets and its home court the Barclays Center.

Tsai has bought the stadium and the 51 percent of the Nets and its affiliated teams that he did not already own, the Nets said on Weibo yesterday. David Levy, former president of American media conglomerate Turner Broadcasting System, is now chief executive of the National Basketball Association team and its arena.

The 55-year-old bought 49 percent of the New York-based Nets last year for USD1 billion. The remaining equity cost another USD1.35 billion and he coughed up almost USD1 billion for the Barclays Center, which doubles up as a home city venue for the New York Islanders, a National Hockey League team.

Going by Forbes' estimate of Tsai's net assets -- about USD9.4 billion -- around a third of his wealth is now packed into the franchise and its home court. His USD2.35 billion buyout of the NBA franchise is also the highest amount ever paid for an American sports team, beating even hedge fund manager David Tepper's USD2.2 billion for the Carolina Panthers of the National Football League.

The Nets, which made the NBA Playoffs last season, are scheduled to play two pre-season exhibition games against the Los Angeles Lakers in Shanghai and Shenzhen next month. They signed All Stars Kevin Durant and Kyrie Irving -- who won Olympic gold together at Rio 2016 -- ahead of the upcoming season in a bid to progress further towards the NBA Finals this year.

Editor: James Boynton