Joe Tsai, Clara Wu Tsai and their family have agreed to sell a minority stake of BSE Global, the parent company of the Brooklyn Nets, New York Liberty and Barclays Center, to investors Julia Koch and her children.
The transaction is not closed until final approval of the Board of Governors of the National Basketball Association, according to a news release.
The terms of the transaction were not disclosed, but Bloomberg News estimated that BSE Global was currently valued at around $6 billion.
Joe Tsai will continue his position as the chairman of BSE Global and governor of the Brooklyn Nets, according to the news release.
Clara Wu Tsai will remain vice-chair of BSE Global and governor of New York Liberty.
The business and basketball operations of BSE Global will continue to be managed by professional management led by group Chief Executive Officer Sam Zussman, Nets General Manager Sean Marks, and New York Liberty CEO Keia Clarke and GM Jonathan Kolb.
“We are pleased to welcome Julia Koch and her family to BSE Global,” said Tsai. “Mrs. Koch’s commitment to New York institutions is an invaluable addition to our franchise. The Nets have a special bond with the Brooklyn and broader New York communities, and we are looking forward to working with Mrs. Koch and her family as we increase investment in our franchise.”
Julia Koch serves on the boards of Koch Industries, Memorial Sloan Kettering Cancer Center, The Metropolitan Museum of Art and Venetian Heritage.
Mrs. Koch, along with her adult children, David Jr. and Mary Julia, and her high school-aged son, John, founded the Julia Koch Family Foundation in 2023 marking a new chapter while continuing the family’s lifelong commitment to philanthropy. Through the family network, their mission is to support transformative initiatives in healthcare, education and the arts, focusing on causes that impact the communities where the family lives, works, spends time and has pursued education. Mrs. Koch, David Jr., Mary Julia and John are based in New York City.
