The Brooklyn Nets will sell a 49 percent stake of the franchise to Joseph Tsai.

The purchase price will be based upon a $2.3 billion valuation of the team.

Tsai is the executive vice chairman and co-founder of Chinese e-commerce company Alibaba. Tsai has the option to acquire a controlling interest in the future.

Mikhail Prokhorov will remain principal and operating owner of the Nets for an additional four years, with a presumption that he will sell his majority stake upon the triggering of Tsai's option.

David Stern believes the NBA should remove marijuana from their list of banned substances.

"I'm now at the point where, personally, I think [marijuana] probably should be removed from the ban list," Stern said. "I think there is universal agreement that marijuana for medical purposes should be completely legal."

Stern made the comments in an interview with Al Harrington, who has become a cannabis entrepreneur since retiring from the NBA.

Stern was commissioner of the NBA during a stretch with widespread cocaine use.

"It's a completely different perception," Stern added. "I think we have to change the Collective Bargaining Agreement and let you do what is legal in your state. If marijuana is now in the process of being legalized, I think you should be allowed to do what's legal in your state."

The Detroit Pistons had an announced attendance of 20,491 for their first regular season game at Little Caesars Arena.

Tickets were being given away until shortly before tipoff and there reportedly were many empty seats throughout the game.

The Pistons struggled with attendance at The Palace of Auburn Hills in the suburbs. They finished 25th in attendance last season.

Correction: An earlier version of the MLive story erroneously listed the attendance at 9,528.

The Houston Rockets announced today that Tilman J. Fertitta has officially closed on his purchase of the NBA Houston Rockets and Clutch City Sports and Entertainment.  The NBA Board of Governors unanimously approved Fertitta to join the ranks of an NBA owner yesterday, setting the stage for the commencement of the Fertitta era.

According to Fertitta, “I could not be happier.  To own the Rockets in my hometown of Houston is a dream come true.  I promise to continue to make this city proud of the Rockets and to do what we can to bring home a championship.”

Fertitta was a former limited partner of Charlie Thomas when he owned the team back in the early 1980’s.  Fertitta paid a record price for the team of $2.2 billion to former Rockets owner Leslie Alexander.  According to Fertitta, “Leslie has left an indelible mark on Houston sports history.  Not only did he bring two championships to our city, he created a winning environment and culture.  He is a tough act to follow.”

Leslie Alexander stated, “I have been friends with Tilman since 1993, so it is my great honor to announce that Tilman and his family have been able to fulfill their dream of owning the Houston Rockets.  Tilman’s passion, commitment to excellence, and unrivaled love for the city of Houston are going to serve him well as a great owner of this proud franchise.”

Mikhail Prokhorov is nearing the sale of a 49 percent stake in the Brooklyn Nets with a the right to buy a larger stake to become controlling owner in three years.

Prokhorov is seeking a valuation of the Nets at more than $2 billion.

The sale would not include Barclays Center.

Reuters reported that Alibaba executive Joseph Tsai, who is worth nearly $12 billion, was in advanced talks to buy a stake in the Nets.

Prokhorov previously was attempting to sell a minority stake in the Nets without a clear path to control.

Laurene Powell Jobs is buying a significant stake in Monumental Sports & Entertainment, which owns the Washington Wizards and Washington Capitals.

The investment from Powell Jobs is believed to be in the hundreds of millions of dollars. Her stake will be approximately 20 percent and the second-largest after Ted Leonsis.

“We have an agreement with Laurene Powell Jobs, founder and president of Emerson Collective, to join the Monumental Sports & Entertainment ownership group,” according to a statement that Monumental issued to The Washington Post. “The process is underway and is pending league approvals.”

Powell Jobs is estimated to be worth approximately $20 billion as she holds a significant amount of Apple stock and approximately four percent of Disney.

Powell Jobs was part of a group that unsuccessfully bid on the Los Angeles Clippers a few years ago.