(Yicai Global) Oct. 30 -- Alibaba Group Holding Ltd. [NYSE:BABA] Executive Vice President Joseph Tsai confirmed he personally purchased a 49-percent stake in the Brooklyn Nets on Oct. 27, Chinanews.com reported.

Following Tsai's investment, existing shareholders will continue to be responsible for daily operation of the team, which is valued a USD2.3 billion. The team will gain popularity in China and its interactions with Chinese fans and the country's basketball teams will boom, the report said.

After investing in the Nets, Tsai said he will continue to spend 100 percent of his work time and energy on Alibaba's development.