David Koch Jr. in ‘advanced’ talks to buy minority stake in Brooklyn Nets, per report

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The Brooklyn Nets are in advanced discussions with David Koch Jr., of the billionaire Koch Family, who is interested in buying a minority stake in the team, the New York Post reported Thursday.

The Koch family, which is best known for its political influence, could reportedly be looking to acquire a stake in BSE Global, the team’s parent company, which also owns Barclays Center, the New York Liberty of the WNBA, and the Nets’ practice facility. There is “no assurance a deal will be reached,” according to a Bloomberg report, citing people with knowledge of the matter.

Joe Tsai, the co-founder of Alibaba, bought 49% of the Nets from Mikhail Prokhorov in 2018 and the remaining 51% in 2019. That deal valued the team at $2.35 billion, not including Barclays Center. Tsai spent about $3.5 billion to acquire both.

With a net worth of $64.8 billion, Charles Koch, 88, is the 22nd-richest person in the world, according to the Bloomberg Billionaires Index. Koch Industries is the second-largest privately owned company in the United States.

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Source link : https://www.cbssports.com/nba/news/koch-family-in-talks-to-buy-stake-in-brooklyn-nets-per-report/

Author : James Herbert

Publish date : 2024-02-22 20:25:22

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