Alibaba Executive Vice Chairman Joe Tsai has bought the National Lacrosse League’s expansion team in San Diego, bringing another billionaire owner to a league with plans to add franchises and expand its digital footprint. Tsai, who has a net worth of $11.4 billion, paid about $5 million for the yet-to-be-named franchise, a source told Bloomberg. NLL spokeswoman Ashley Dabb declined to comment on the terms of the deal. Tsai has a long history with lacrosse – he played at Yale in the 1980s – but the NLL may also be a precursor to other American sports investments. Those who consider buying a major US sports franchise often start with a less expensive investment in a smaller league as a learning experience and proving ground, and Tsai has expressed an interest in buying a stake of the NBA’s Brooklyn Nets.
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