Julia Koch has an agreement to buy a 15 percent stake in BSE Global, the parent company of the Brooklyn Nets, New York Liberty and the Barclays Center, BSE Global announced Wednesday. The deal puts the valuation of the company at near $6 billion.
This is Koch’s first foray into sports ownership. She is the widow of David Koch, a billionaire who ran Koch Industries. David Koch became one of the richest men in the United States and was a prominent donor to the Republican Party.
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Julia Koch will invest into BSE herself but intends to include her three children into the endeavor. She is the 23rd wealthiest person in the world, according to Forbes, with personal holdings valued at $64.3 billion. She inherited a 42 percent stake in Koch Industries when David died in 2019, according to Forbes. She sits on the board of directors for Koch Industries but her public profile has been muted.
Joe Tsai and Clara Wu Tsai will maintain control of BSE and will still run both teams, but the transaction will also give Koch a right to make a first offer if there is a sale of control of the franchises.
“We are pleased to welcome Julia Koch and her family to BSE Global,” Joe Tsai said in a news release. “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.”
Tsai bought control of the Nets from Mikhail Prokhorov, the franchise’s erstwhile owner, in 2019 in the second half of a two-stage sale. That transaction valued the franchise at $2.35 billion. He first bought 49 percent of the team in 2017 before taking over the other 51 percent two years later. The Tsai family also bought the Liberty from James Dolan in 2019 after the franchise lingered on the market. The Liberty are now one of the WNBA’s premier franchises. Last season, the team made a run to the WNBA Finals behind Breanna Stewart, the league’s reigning MVP who New York signed as a free agent.
“Our family is honored to join the Tsai family in shaping, advancing and contributing to the shared vision for the future of The Nets, The Liberty and the broader Brooklyn community,” Koch said in a news release.
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Koch becomes the latest prominent person to buy into an NBA team in the last year. Miriam Adelson bought control of the Dallas Mavericks in December; Patrick Dumont, her son-in-law, is the franchise’s governor.
Representatives for the NBA and BSE have not responded to emailed questions.
Sportico was the first to report the news of the sale agreement.
(Photo: Bruce Bennett / Getty Images)