Joe Tsai

Joe Tsai Completes Takeover of the Brooklyn Nets

The Brooklyn Nets has become the United States’ most expensive sports franchise, following its approved sale on Wednesday.

The NBA board of governors unanimously approved the $3.5 billion sale of the Nets to Joe Tsai on Wednesday. 

Tsai, the Alibaba co-founder, paid $2.35 billion for the Brooklyn Nets and around $1 billion for the Barclays Center.

That figure surpasses the $2.2 billion paid by Tilman Fertitta for the Houston Rockets. As well as that, it’s more than David Tepper paid for the NFL’s Carolina Panthers.

 

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NBA commissioner Adam Silver spoke in glowing terms about the Tsai era, and it’s no surprise. Joe Tsai has hired former Turner Sports president David Levy as the CEO of the Nets and the Barclays Center.

Since Turner Sports are helping to broadcast NBA content on innovative platforms, this regime should fit in nicely with the modern day league.

“In addition to being a passionate basketball fan, Joe is one of China’s pre-eminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league’s efforts to grow the game in China and other global markets,” said Silver.

It marks a new era for the Brooklyn Nets, who have added Kevin Durant and Kyrie Irving to their roster. After making the playoffs last year, the team will hope to make a push for the championship.

Tsai credited general manager Sean Marks and coach Kenny Atkinson for taking the franchise this far.

 

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“They established the culture, developed talent that others couldn’t see, and made Brooklyn the place where the best players want to play,” Tsai said.

Adam Silver said that the Nets are a “thriving team, well-positioned for the future.” Fans will be able to see the new-look Nets in action next month during their preseason tour of China.

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