Advertisement
UK markets closed
  • FTSE 100

    7,995.58
    +71.78 (+0.91%)
     
  • FTSE 250

    19,721.24
    -65.63 (-0.33%)
     
  • AIM

    755.91
    -2.92 (-0.38%)
     
  • GBP/EUR

    1.1694
    -0.0007 (-0.06%)
     
  • GBP/USD

    1.2451
    -0.0104 (-0.83%)
     
  • Bitcoin GBP

    51,379.88
    -3,065.30 (-5.63%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,123.41
    -75.65 (-1.46%)
     
  • DOW

    37,983.24
    -475.84 (-1.24%)
     
  • CRUDE OIL

    85.45
    +0.43 (+0.51%)
     
  • GOLD FUTURES

    2,360.20
    -12.50 (-0.53%)
     
  • NIKKEI 225

    39,523.55
    +80.92 (+0.21%)
     
  • HANG SENG

    16,721.69
    -373.34 (-2.18%)
     
  • DAX

    17,930.32
    -24.16 (-0.13%)
     
  • CAC 40

    8,010.83
    -12.91 (-0.16%)
     

Nets owner Joe Tsai could sell a minority stake in team to billionaire Koch family

PATRICK T. FALLON/AFP/Getty Images North America/TNS

NEW YORK — Nets owner Joe Tsai could be angling to sell a minority stake in the team to the billionaire Koch family, according to Bloomberg News.

Charles Koch, 88, spearheads the Koch family. He has an estimated net worth of $55.3 billion, the 25th highest in the world. Sportico currently values the Nets and their related businesses at $3.98 billion, which ranks 13th in the NBA.

According to Bloomberg’s report, the Koch Brothers family investment vehicle, 1888 Management, is interested in buying a stake in BSE Global, the Nets’ parent company. Sportico later reported that billionaire Julia Koch, who was married to the late billionaire David Koch, is looking to acquire about 10% of BSE Global and will invest alongside her three children.

Tsai has reportedly been interested in selling a stake in BSE Global estimated to be worth $4 billion. BSE Global also owns the WNBA’s New York Liberty and Barclays Center, where both the Nets and Liberty play.

ADVERTISEMENT

The Koch family is best known for its political influence, but has also invested heavily in the basketball program for Wichita State University. Bloomberg wrote that there is “no assurance a deal will be reached”.

Tsai bought 49% of the Nets from Mikhail Prokhorov in 2018 and the remaining 51% in 2019.