Joe and Clara Wu Tsai’s journey into professional sports began nearly ten years ago with the ambition of owning an NBA team. Rooted in their personal experiences—Joe’s collegiate lacrosse days at Yale and Clara’s upbringing during the height of basketball at the University of Kansas—the couple sought to establish a foothold in the sports industry through strategic investments.
Initially participating in professional lacrosse, which served as their entry point, the Tsais quickly set their sights on acquiring an NBA franchise, considering both the Brooklyn Nets and the Houston Rockets. They began their NBA journey by purchasing a 49% stake in the Nets in 2017, eventually acquiring full ownership for a record $2.4 billion, making it the highest sale price for a sports team at that time.
Despite the Rockets’ impressive performance that season, the Tsais opted for Brooklyn, seeing it as a vibrant location to expand their philanthropic efforts. Clara Wu Tsai’s mission includes initiatives aimed at empowering communities, from tech accelerators supporting founders of color to investment strategies focusing on wealth building.
Their sports investments extend beyond the Nets, with the Tsais also assuming ownership of the New York Liberty and expanding into other sports, including a recent 3% stake in the NFL’s Miami Dolphins and involvement in Esports. Under their ownership, the Liberty has transitioned into a leading force in the WNBA, exhibiting transformative growth by enhancing player facilities and making significant recruitment efforts, such as signing superstar Breanna Stewart.
While the Liberty isn’t profitable yet, its valuation has soared to approximately $200 million, with projections of entering the billion-dollar market for potential expansion teams. The enthusiasm around the Liberty in New York has been palpable, with some even speculating about the emergence of a sports dynasty.
In addition to their sports ventures, the Tsais are also planning significant developments around the Barclays Center, aiming to enhance the local economy by creating more attractions that could draw the massive annual tourist traffic to Brooklyn. Through investments in both sports and community initiatives, the Tsais are proving that their ambitions in professional sports extend beyond mere financial gains, focusing instead on creating a lasting impact.
This strategic blending of sports and social initiatives exemplifies how business leaders can drive positive change while pursuing their passions. The Wu Tsais’ commitment to women’s sports and community enrichment is not only reshaping the landscape of professional athletics in New York but also setting a precedent for future investments in sports.