Nets Owner Joe Tsai expected to go deep into luxury tax with Alibaba stock surging

Unlike the majority of the world economy, Alibaba has been one of the select few companies to persevere and actually prosper during a global pandemic.

One of the company's cofounders, Joseph Tsai, happens to own the Brooklyn Nets, a franchise that has an extension for its big three superstars pending this summer. Along with securing the long term futures of Kevin Durant, Kyrie Irving and James Harden, Spencer Dinwiddie is looking for upwards of a five-year $145 million deal to remain in Brooklyn. Injuries detailed the Nets title hopes, but filling out the roster around the big three will be imperative if they hope to realize their true potential. Paying Dinwiddie will push the franchise deep into the luxury tax, but for a billionaire owner whose personal wealth continues to grow, now is not the time for the Nets to shy away from the luxury tax burden if it's the difference between another early playoff exit or the franchise's first Larry O'Brien trophy.