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Julia Koch and her family have reached an agreement to buy a 15% stake in the parent company of the Brooklyn Nets from Joe Tsai and Clara Wu Tsai, according to Sportico’s Scott Soshnick and Eben Novy-Williams. BSE Global, which also owns Barclays Center, the New York Liberty and the Nets’ training facility, was valued at $6 billion in the sale, according to a memo that was sent to NBA owners on Tuesday, per Sportico. Koch was married to the late billionaire David Koch.
Koch and her three children — David Jr., Mary Julia and John — were reportedly in talks to acquire 10% of the company in February. Koch Industries is not involved in the deal, which is contingent on approval from the NBA’s Board of Governors. The league’s advisory finance committee has recommended it to be approved, and the votes must be in by June 24, per Sportico.
“I want to emphasize that both our families are committed to making the necessary investments in our franchises to build a sustainable winning culture, as well as in the people and physical infrastructure to bring the best of sports and entertainment to our fans and audiences,” Joe Tsai wrote in a letter to employees, per Sportico.
Koch and her family have a net worth of $73.2 billion, according to the Bloomberg Billionaires Index.
The Tsais 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. The Tsais spent about $3.5 billion to acquire both. They will continue to have full control over the teams and the arena.
The $6 billion figure is among the highest valuations ever in a sale of a sports team.
Source link : https://www.cbssports.com/nba/news/julia-koch-agrees-to-buy-15-stake-in-nets-liberty-barclays-centers-parent-company-per-report/
Author : James Herbert
Publish date : 2024-06-19 02:55:27
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