As the Celtics were sold, and Junior Bridgeman acquired 10% of the Bucks, NBA franchise owners seized the opportunity to expand their American sports holdings.
A few days ago, we learned that Tom Gores, the head of the Pistons, spent more than a billion dollars to acquire 27% of the shares of the Los Angeles Chargers in the NFL. Now, Joe Tsai, the owner of the Nets, who put his hand in his pocket to buy a minority stake in the Miami Dolphins, is still in the NFL.
According to New York PostJoe Tsai joined forces with the investment fund Ares Management to buy shares of the franchise worth eight billion dollars, but also some of his properties such as the Hard Rock Stadium and the Formula 1 Grand Prix from Miami. We are talking about a 10% stake, or $800 million.
For Joe Tsai, who owns the Nets in the NBA and the New York Liberty in the WNBA, the share will be 3%, through Blue Pool Capital, his family’s business. That’s a check for almost $240 million.