BSE Global, parent company of Nets, Liberty and Barclays Center, sells 15% stake in company to Julia Koch and children
Julia Koch attends "An Evening Honoring Valentino" gala, hosted by the Lincoln Center Corporate Fund, at Alice Tully Hall on Dec. 7, 2015. Credit: Evan Agostini/Invision/AP/Evan Agostini
BSE Global, the parent company of the Nets, Liberty and Barclays Center, announced Wednesday that Julia Koch and her three children have purchased a 15% stake in the company.
It’s an increase from what was initially reported in February that Koch was seeking a 10% stake. The deal awaits final approval from the NBA Board of Governors and per Sportico, they must vote by Monday.
Sportico also reported BSE Global has a valuation of about $6 billion, which is $2.7 billion more than what Nets governor Joe Tsai paid in stages to buy the team and Barclays Center.
Tsai, who has owned the Nets outright since 2019, will remain chairman of BSE Global and retain full control of the team. Clara Wu Tsai will also remain as both vice-chair of BSE Global and governor of the Liberty. Nets general manager Sean Marks, Liberty CEO Keia Clarke and GM Jonathan Kolb will remain in their current roles.
“Mrs. Koch’s commitment to New York institutions is an invaluable addition to our franchise,” Joe Tsai said in a statement. “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.”
Koch, the president of the David H. Koch Foundation, will share her stake with children David Jr., Mary Julia and John. She was married to David Koch until his death in 2019 and, according to Forbes, is the third-richest woman in the world with a net worth of $64.3 billion, as of last April.
David and his brother Charles Koch were also known for their political contributions to mostly conservative causes. However, per Sportico, Koch Industries is not involved with this sale.
The Nets were recently valued by Sportico at $3.98 billion, 13th among the NBA’s 30 teams. The Liberty’s $130 million valuation is third in the WNBA.
“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,” Julia Koch said in a statement.
Evan Barnes covers the Nets for Newsday. He previously covered Memphis football and the Memphis Grizzlies and also covered prep sports in Los Angeles.