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Nets owner Joe Tsai could sell a minority stake in team to billionaire Koch family

PATRICK T. FALLON/AFP/Getty Images North America/TNS

NEW YORK — Nets owner Joe Tsai could be angling to sell a minority stake in the team to the billionaire Koch family, according to Bloomberg News.

Charles Koch, 88, spearheads the Koch family. He has an estimated net worth of $55.3 billion, the 25th highest in the world. Sportico currently values the Nets and their related businesses at $3.98 billion, which ranks 13th in the NBA.

According to Bloomberg’s report, the Koch Brothers family investment vehicle, 1888 Management, is interested in buying a stake in BSE Global, the Nets’ parent company. Sportico later reported that billionaire Julia Koch, who was married to the late billionaire David Koch, is looking to acquire about 10% of BSE Global and will invest alongside her three children.

Tsai has reportedly been interested in selling a stake in BSE Global estimated to be worth $4 billion. BSE Global also owns the WNBA’s New York Liberty and Barclays Center, where both the Nets and Liberty play.

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The Koch family is best known for its political influence, but has also invested heavily in the basketball program for Wichita State University. Bloomberg wrote that there is “no assurance a deal will be reached”.

Tsai bought 49% of the Nets from Mikhail Prokhorov in 2018 and the remaining 51% in 2019.