Alibaba Group Holding Ltd. (NYSE: BABA) co-founder Joe Tsai is buying a minority stake in German-based esports franchise G2 Esports.
Tsai, who also owns the NBA’s Brooklyn Nets and the Barclays Center, will invest $10 million in the team, according to a Tuesday report by Bloomberg. G2 appeared to confirm the report, by disseminating it on Twitter.
Berlin-based G2 plans to use the money to expand in Asia, the report said.
Forbes reported that G2 said it would also open a New York office early next year.
G2 has previously raised money from other investors and investment groups, including Everblue Management and Seal Rock Partners. Forbes values the company at $165 million, up more than 50% from last year and putting it at the No. 9 esports company in the world, the magazine reported Tuesday.
Forbes puts Taiwan-born Tsai's net worth at $10.8 billion.
Photo by Ajay Suresh/Wikimedia.