Alibaba’s co-founder prefers New York to Houston. This was one reason Joseph Tsai bought a 49 per cent stake in the Brooklyn Nets for $1bn two years ago. Now he is nearing a deal to buy the rest for a total price of $2.3bn, according to a Reuters report. That would give the National Basketball Association team a record valuation among US sports sides.

For the second-largest shareholder of the Chinese e-commerce giant, an NBA team would not be just a trophy asset. Ownership of a high-profile US sports franchise should improve the image of Alibaba during tense times between the US and China.

The mooted $2.3bn all-in price tag is more than seven times what current owner Russian billionaire Mikhail Prokhorov paid in 2010. The recent signing of NBA All-Star players Kyrie Irving and Kevin Durant should increase ticket sales. Mr Tsai, a board member of NBA China, would no doubt find ways to grow team revenues in Asia.