$60.6 Billion Worth American Family May Rescue New York Based NBA Franchise, That Is Drowning In Chaos

The Brooklyn Nets are still facing hurdles as they try to find a proper standing this season. Blowing the lid off their internal struggles, the team made a major move on Monday that resulted in Head Coach Jacque Vaughn’s firing. They are ranked 11th in the Eastern Conference as they continue to battle with consistent injuries and a poor 21-33 record. Amidst this chaos, word has gotten around that the Koch family is in talks of buying a stake in the team.

The family is led by Charles Koch, who has a net worth of $64.8 billion. They control Koch Industries, the second largest privately owned company in the US. Currently, Joseph Tsai, co-founder of Alibaba Group Holding Ltd. holds the majority stake in the team when he acquired 49% of the Nets from Russian oligarch Mikhail Prokhorov in 2017. Then in 2019, Tsai also acquired 45% of the Barclays Center arena and the remaining ownership from Prokhorov.

Julia Koch wants a 10% share in the Nets

As per the latest developments, the Koch family might be interested in being a part of this ownership. The family is in the midst of negotiations to acquire a stake in the team. According to Bloomberg, “The discussions could also involve a stake in BSE Global, the Nets holding company that also owns Barclays Center, and the WNBA’s New York Liberty team, among other sporting assets.” The negotiations seem to be in the early stages as no details about the transaction have been ascertained.

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The Koch family member at the forefront of this deal is Julia Koch, who is the widow of David Koch. According to Forbes, Julia along with her three children wants to buy a 10% share in the team, still leaving Tsai as the majority owner. Forbes has listed Julia as the 24th richest individual in the world, with an estimated net worth of $60.6 billion.

The Koch family is buying into a struggling team

The Nets are still grappling to stay afloat. They have been struggling on the defensive end and it has become a problem they cannot afford to ignore anymore. They rank 23rd in the league’s defensive rating with a 116.8 rating. Another major hurdle is the countless injuries that have plagued the team this entire season. Pivotal players like Dennis Smith Jr., Ben Simmons, and Cam Thomas have all missed games some chunks of this season due to injuries.

Moreover, the Nets are yet to work out their team chemistry. There is also the question of whether the team can build something good with the new HC that will replace Vaughn. For now, Kevin Ollie has taken over as Interim HC. So basically, the Koch family is going in for a team that is in the rebuilding stage. This could either go very well or end up as a huge mistake.

Do you think the Nets are beyond repair at this point in the season? With so much to rectify, is their time already up? Share your thoughts!