Liberty, Nets Parent Company Stake Sold to Julia Koch
The New York Liberty are set to make another big-name transaction.
BSE Global, the parent company of both the Liberty and Brooklyn Nets, as well as their shared home of Barclays Center announced that a minority stake has been sold to philanthropist and socialite Julia Koch, a third-generation member of the Koch family, and her children.
BSE owners and chairpeople Wu Tsai and Tsai will retain their roles within the organization, including their titles as Governors of the Liberty and Nets. The deal is currently awaiting approval from the NBA Board of Governors though BSE announced the deal on Wednesday.
“We welcome this new partnership with the Koch family,” said Wu Tsai in a statement. “We are excited to expand upon our shared commitment to New York City, especially the borough of Brooklyn, and continue to bring the very best sports and entertainment to this city.”
Keia Clarke and Jonathan Kolb will also keep their respective roles as CEO and general manager of the Liberty.
Koch, 62, is the widow of David Koch, who passed away in 2019. She has remained active in the family's philanthropic endeavors, working close with organizations such as Memorial Sloan Kettering Cancer Center, the Metropolitan Museum of Art, Lincoln Center, and New York-Presbyterian Hospital. Forbes valued Koch and her family at $64.3 billion in April, making her the third-richest woman in the world and second in America behind Walmart heiress Alice Walton.
"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," Koch added in the same statement.
Per Sportico's Scott Soshnick and Eben Novy-Williams, who first reported the deal on Tuesday, Koch Industries, the family's multi-national corporation well-known for its political contributions, will not be involved in the BSE affairs. Koch and her family own a 42 percent stake in the conglomerate, inheriting the sake upon David's passing in 2019.
Koch and her family ... sons David Jr. and John and daughter Mary Julia ... will also carry right of first offer should the Tsais opt to sell a majority. Joe and Clara took over full control of the Nets from Mikhail Prokhorov in 2019 and purchased the Liberty from The Madison Square Garden Company shortly after.
Under (somewhat) management, the Liberty (12-3) will be back at Barclays Center on Thursday night when the Los Angeles Sparks visit for the first of two (7 p.m. ET, WWOR/Amazon Prime Video).
GEOFF MAGLIOCCHETTI
Editor-In-Chief at All Knicks