In a recent announcement, New York billionaire Julia Koch and her children have revealed their plan to purchase a minority stake in BSE Global. This business entity owns some well-known sports teams, such as the Brooklyn Nets of the NBA and the New York Liberty of the WNBA, as well as the iconic Barclays Center in Brooklyn. The specifics of the financial terms involved in this deal have not been fully disclosed yet, but it is said that the NBA board of governors will need to approve the transaction.
According to reports, the Koch family is looking to acquire a 15% share of BSE Global, with an estimated value of $6 billion for the company’s sports assets. This would translate into a purchase price of $900 million for the Kochs. Julia Koch, who is ranked as the 23rd-richest individual in the world by Forbes, with a net worth of $65.7 billion, inherited a significant stake in the renowned Koch Industries after her husband’s passing in 2019. This company is known as one of the largest privately held corporations in the United States.
Despite this new investment, the ownership and management of BSE Global and its associated sports teams will continue to be overseen by Joe Tsai and Clara Wu Tsai. Joe Tsai, with a net worth of $8.6 billion, will maintain his position as the chairman of BSE Global and as the governor of the Nets. Meanwhile, his wife Clara will remain the vice-chair of the company and as the governor of the New York Liberty. The teams will remain under their current management structure, as indicated in a recent press release.
In response to this acquisition, Joe Tsai expressed his enthusiasm in welcoming Julia Koch and her family to the BSE Global organization. He highlighted Mrs. Koch’s dedication to New York establishments as a valuable asset to the franchise. Julia Koch herself also shared her excitement about this new venture, mentioning her children – David Jr., Mary Julia, and John – who are equally thrilled about their involvement in the company.
The entry of Julia Koch and her family into the realm of sports team ownership via BSE Global marks a significant development in the industry. With their substantial wealth and business acumen, the Kochs are poised to make a considerable impact on these beloved New York-based teams and venues.
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