Who Owns The Brooklyn Nets?
Joseph C. Tsai is the current owner of the Brooklyn Nets franchise. He is also a co-founder of Alibaba Group, one of the world’s largest e-commerce companies.
Tsai was born in Taiwan and immigrated to Canada with his family at a young age. He attended Yale University, where he earned a bachelor’s degree in economics. After graduation, Tsai worked in investment banking at Salomon Brothers before moving to Hong Kong to join Alibaba Group.
Tsai became the executive vice chairman of Alibaba Group in 2013 and played a key role in taking the company public on the New York Stock Exchange in 2014. He assumed majority ownership of the Brooklyn Nets in 2019 when he purchased the team for $3.2 Billion dollars.
According to Forbes, as of the 2022-2023 season, the Brooklyn Nets are worth $4.7 Billion dollars. This makes them the 7th most valuable National Basketball Association (NBA) franchise.
About The Brooklyn Nets Franchise
The Brooklyn Nets are an American professional basketball team based in the New York City borough of Brooklyn. The Nets compete in the National Basketball Association (NBA) as a member of the Atlantic Division of the Eastern Conference. The team plays its home games at Barclays Center. They are one of two NBA teams in New York City; the other is the New York Knicks.
The franchise began play as part of the American Basketball Association (ABA) under new ownership in 1967 and initially played in New Jersey as the New Jersey Americans. In its early years, the team led a nomadic existence, moving to Long Island in 1968 and playing in various arenas as the New York Nets. Led by Hall of Famer Julius Erving, the Nets won two ABA championships in New York before becoming one of four ABA teams admitted into the NBA as part of the ABA–NBA merger in 1976.
The team then moved back to New Jersey and played as the New Jersey Nets from 1977 to 2012. During this time, the Nets won two consecutive Eastern Conference championships but failed to win a league title. In the summer of 2012, the team moved to Barclays Center and took its current geographic name.