Julia Koch in talks to buy minority stake in Brooklyn Nets, per reports

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The Brooklyn Nets are in discussions to sell a minority stake in the team to Julia Koch, according to Bloomberg and Sportico.

Koch was married to the late billionaire David Koch. She and her three children — David Jr., Mary Julia and John — are looking to invest in the team, and neither Koch Industries nor any other members of the Koch family are involved, per Sportico.

In the deal, which has yet to be completed, Koch would reportedly acquire approximately 10% of BSE Global, the Nets’ parent company, which also owns Barclays Center, the WNBA’s New York Liberty and the Nets’ practice facility.

Koch has a net worth of $69.1 billion, according to the Bloomberg Billionaires Index.

The valuation of the franchise will take into account the NBA’s upcoming broadcast rights deal, per Sportico. It could be as much as $4.8 billion, the New York Post reported, citing industry sources.

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. 

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

Author : James Herbert

Publish date : 2024-02-22 21:04:47

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