NEW YORK — Two people familiar with the purchase tell The Associated Press that an investment group led by Brooklyn Nets minority owner Joseph Tsai has agreed to buy the New York Liberty.

The sale must be approved by the NBA Board of Governors. The people familiar with the sale said Monday the WNBA Board of Governors gave its approval in the last few days. Those speaking to the AP did so on condition of anonymity because no announcement has been made.

Tsai is co-founder of the Alibaba Group, the Chinese e-commerce giant. He bought a 49 percent interest in the Nets in April.

Liberty owner James Dolan put the team up for sale in November 2017. There had been several potential buyers, with a few close to a purchase. But the deals fell through for various reasons.

The Liberty said before last season the team had "lost money every year since its inception and cumulative losses exceed $100 million."