The Koch family, including Julia Koch and her children, has agreed to purchase a 15 percent stake in the parent company of the NBA’s Brooklyn Nets and the WNBA’s New York Liberty. This deal is valued at approximately $6 billion, with the Kochs buying the stake from Joe Tsai and Clara Wu Tsai, who will still retain full control of the teams.
It is important to note that Koch Industries is not involved in this transaction. The NBA’s advisory financial committee has already reviewed and recommended approving the sale, with league governors set to vote by June 24.
The Nets, ranked as the 13th-most valuable franchise in the NBA, had a challenging season with a 32-50 record and a streak of five consecutive playoff appearances coming to an end. The team has seen changes in coaching staff, with Jordi Fernández recently named as the new head coach.
On the other hand, the Liberty had a strong season, reaching the WNBA Finals and currently holding a 12-2 record in the current season. With star players like Breanna Stewart, Sabrina Ionescu, and Jonquel Jones, the team is poised for success in the upcoming seasons.
Barclays Center, the home venue for both teams, was recognized as the highest-grossing arena in the world in April. This achievement reflects the popularity and success of sports events held at the arena.
With the involvement of the Koch family at the ownership level, both the Nets and the Liberty will be aiming for championships in the future. The new ownership structure brings excitement and potential for growth for both teams, as they continue to strive for success in their respective leagues.