Koch family in talks with Joe Tsai about Nets’ minority ownership stake

Led by Julia Koch, the wealthy family eyes a significant minority piece of the Brooklyn franchise.

© Jerome Miron-USA TODAY Sports

There is a chance that the Brooklyn Nets will welcome a new minority owner as the Koch family is reportedly in talks with team governor Joe Tsai about buying a stake in the franchise, as earlier announced by both Bloomberg and Sportico.

Details behind the Koch family's minority stake chase in the Nets franchise

According to Sportico, Julia Koch, the widow of the late billionaire David Koch, is spearheading the purchase of the Nets' minority stake along with her three children — David Jr., Mary Julia, and John. No other members of the Koch family are involved in the process.

They are looking to gain 10% of BSE Global, the Nets' parent company, which also owns the Barclays Center, the WNBA's New York Liberty, and the Nets' training facility. The Koch Brothers family investment vehicle, 1888 Management, will serve as the entity of the stake acquisition from BSE Global, and David Koch Jr. will ultimately assume the minority owner title once the ongoing discussions materialize into a deal.

The stake could be even higher as Brian Lewis of the New York Post reported that the Kochs will vie as much as 15% of the ownership piece for a whopping $4.8 billion.

Despite these, Bloomberg indicated that there is no assurance that a sale will be completed, though The Post's Lewis and Josh Kosman revealed that the talks have been advanced and going over for a month.

Sportico values the Nets at $3.98 billion, which ranks 13th in the NBA. Tsai fully became the owner of the Nets in 2019 after completing his purchase of the team from the 49% minority ownership payment he gave to then-governor Mikhail Prokhorov a year before.

Koch family's brief background

Besides their reputation as one of the richest and most influential families in the world, the Koch family is well known for its active political involvement and initiatives for conservative causes.

According to Forbes, Koch is the second-richest woman in the world, with a net worth of $60.6 billion. A potential purchase for the Nets will make them the second-richest ownership group in the NBA, with Clippers billionaire Steve Ballmer at the front.

The Koch family previously supported the Wichita State basketball program.

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