Joseph Tsai, co-founder of Chinese internet giant Alibaba, is close to signing a deal to buy the remaining 51 percent of Brooklyn Nets for 1.35 billion U.S. dollars from Russian billionaire Mikhail Prokhorov, the New York Post has reported.

The deal is expected to be announced this week, sources said.

The 55-year-old businessman owns a 49 percent stake in the team, which he bought for one billion U.S. dollars in April 2018.

According to the New York Post report, the 2.35-billion-U.S.-dollar transaction would mark the highest price ever paid for a sports franchise, breaking the record of Tilman Fertitta's 2.2-billion-U.S.-dollar purchase of Houston Rockets in 2017.

Defeated by Philadelphia 76ers in the first round of NBA playoffs, Brooklyn Nets finished with a 42–40 record last season but ushered two of the biggest free agents in the summer. Kevin Durant signed a four-year 164-million-U.S.-dollar deal with Brooklyn, while Kyrie Irving inked a four-year deal worth 141 million U.S. dollars.