Nets minority owner Joseph Tsai buys WNBA's Liberty

NEW YORK -- An investment group led by Brooklyn Nets minority owner Joseph Tsai has bought the New York Liberty.

The WNBA announced the sale Wednesday. Tsai is co-founder of the Alibaba Group, the Chinese e-commerce giant. He bought a 49 percent interest in the Nets in April.

Liberty owner James Dolan put the team up for sale in November 2017. There had been several potential buyers, with a few close to a purchase. But the deals fell through for various reasons.

The Liberty said before last season the team had "lost money every year since its inception and cumulative losses exceed $100 million."