New York billionaire Julia Koch and her children are purchasing a minority stake in BSE Global, which owns the Brooklyn Nets of the NBA, the New York Liberty of the WNBA and Barclays Center in Brooklyn.
BSE Global announced the pending transaction but did not disclose financial terms. The NBA board of governors must approve the deal.
Sportico reported the Kochs will buy 15% of BSE Global, adding that the value assigned to the company's sports holdings was $6 billion. Under that scenario, the Kochs would pay $900 million for their share.
Forbes ranks Julia Koch as the 23rd-richest person in the world, with a net worth of $65.7 billion. She and her children inherited 42% of Koch Industries -- one of the largest privately held companies in the nation -- upon the death of her husband, David, in 2019.
BSE Global and the teams will remain under the control of Joe Tsai and Clara Wu Tsai. Joe Tsai's net worth is $8.6 billion, per Forbes.
Joe Tsai will continue as chairman of BSE Global and governor of the Nets; his wife will remain vice-chair of the corporation and governor of the Liberty. The management of the teams will not change, according to a news release.
"We are pleased to welcome Julia Koch and her family to BSE Global," Joe Tsai said. "Mrs. Koch's commitment to New York institutions is an invaluable addition to our franchise. The Nets have a special bond with the Brooklyn and broader New York communities, and we are looking forward to working with Mrs. Koch and her family as we increase investment in our franchise."
Julia Koch said she and her children -- David Jr., Mary Julia and John -- are excited about their involvement.
"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," she said.