Joe Tsai Completes Acquisition of Full Ownership of Brooklyn Nets and Barclays CenterSep 18, 2019
BROOKLYN – Joe Tsai, through entities controlled by him, has completed the acquisition of full ownership of the Brooklyn Nets and Barclays Center. With the closing of the transaction, Tsai becomes NBA Governor of the Nets and its affiliates and Chairman of Barclays Center.
“With full ownership of the Nets and Barclays Center, we will continue to bring our exciting brand of basketball to our fans,” said Tsai. “We’ve made a strong commitment to Brooklyn and it will be a privilege to present the best of Barclays Center with its great entertainment to our community.”
Commenting on the work of Nets General Manager Sean Marks and Head Coach Kenny Atkinson, Tsai said: “Sean and Kenny have done an extraordinary job building the team. They established the culture, developed talent that others couldn’t see, and made Brooklyn the place where the best players want to play.”
Of the team that Marks and Atkinson have assembled, Tsai continued, “We have an incredible group of players who want to win, and because of their talent and hard work, we are now in a great position to compete. I am thrilled to be partners with winners!”
The Brooklyn Nets and Barclays Center join as the newest and most iconic among the portfolio of sports assets of J Tsai Sports, the sports investment and holding vehicle controlled by Tsai. Other holdings of J Tsai Sports include the New York Liberty of the Women’s National Basketball Association, San Diego Seals of the National Lacrosse League, as well as investments in the Premier Lacrosse League, Los Angeles FC of Major League Soccer and several sports media and technology companies based in North America and Asia.
Oliver Weisberg, chief executive officer of J Tsai Sports and Tsai’s family office, along with general counsel Henry Li and vice president Rich Tao, led the effort to acquire the Brooklyn Nets and Barclays Center. Tsai and his team were advised by Sullivan & Cromwell LLP as legal counsel and The Raine Group LLC as financial advisor in the transaction.