Nothing But Nets: Tsai Now Brooklyn Principle Owner, David Levy Named CEO 
Wednesday, September 18, 2019 at 05:24PM
NYSportsJournalism.com in Brooklyn Nets, David Levy, Joseph Tsai, NBA, NBA, finances

By Barry Janoff

September 18, 2019: First Kevin Durant and Kyrie Irving. Now Joseph Tsai and David Levy.

Are the Brooklyn Nets hot?

As Brooklyn’s 2.5 million-plus residents might say, “Hey, youse even gotta axe?!!”

Or to borrow a line from the Beastie Boys, “No sleep ’till Brooklyn wins a NBA title.”

On a double-dip day for the franchise, Tsai, who previously owned 49% of the franchise, was approved as principal owner and governor of the Brooklyn Nets and its affiliates and chairman of Barclays Center by the NBA’s Board of Governors.

Tsai then named Levy CEO of the Nets and Barclays Center, and president of J Tsai Sports, the sports investment and holding vehicle controlled by Tsai.

Levy will also join Tsai’s family office as a venture partner, with coverage of sports, media and entertainment investments globally.

Levy, who replaces the departing Brett Yormark, comes to the Nets after 32 years at Turner Broadcasting, the last six as president.

As president, Levy had oversight of Turner’s portfolio of brands and businesses, including TNT, TBS, Turner Sports, Bleacher Report, Cartoon Network, Adult Swim and truTV; as well as ad dales and distribution.

He played a key role in the agreement beginning in 2010 among Turner, the NCAA and CBS for the rights to the NCAA Div. I Men’s Basketball Championship, under which all of the tournament games are televised across four networks: TNT, TBS, truTV and CBS.

In 2008, he developed a joint venture with the NBA for Turner to manage the league’s digital portfolio, which includes NBA TV and League Pass.

“David brings a unique combination of sports and media know-how, strategic thinking and operating skills to our sports and entertainment business,” Tsai said via the Nets.

“He is an entrepreneur at heart with the experience of managing and scaling organizations, and I really look forward to working with him.”

The Nets are worth in excess of $2.3 billion, sixth most in the NBA, according to the most recent report from Forbes. (By comparison, the New York Knicks lead the league at $4 billion.)

The Nets made big strides last season, finishing 42-40 and making the playoffs after going 28-54 in 2017-18, 20-62 in 2016-17 and 21-61 in 2015-16.

The team scored big in off-season free agency, adding All-Stars Irving and Durant (who is out indefinitely following surgery this past June on his torn right Achilles tendon).

According to Levy, “I am looking forward to working alongside Joe and the talented forward-thinking executives and team members across the entire organization.

“(GM) Sean Marks and (head coach) Kenny Atkinson have done a terrific job instilling a winning culture and I am looking forward to supporting them as we build a sustainable foundation of success on and off the court. “

In addition to the Nets and Barclays Center (acquired in 2019 for $1 billion), other holdings of J Tsai Sports include the WNBA New York Liberty, San Diego Seals (National Lacrosse League) and investments in the Premier Lacrosse League, MLS Los Angeles FC and several sports media and technology companies based in North America and Asia.

He is co-founder and executive chairman for Alibaba Group, with a net worth close to $10 billion.

“We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets,” NBA commissioner Adam Silver said via the league.

“In addition to being a passionate basketball fan, Joe is one of China’s preeminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league’s efforts to grow the game in China and other global markets.”

“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.”

Back to Home Page

Article originally appeared on NYSportsJournalism.com (http://www.nysportsjournalism.com/).
See website for complete article licensing information.