Back in 2017, Joe Tsai was flush with cash. His Alibaba stock was a big hit on the stock market and he was looking to make big investments particularly in sports using his Hong Kong-based “family” office, Blue Pool Capital. He was interested in a number of sports not just his beloved lacrosse. He looked In the NFL and even Formula One racing but being both a smart investor and fan, he chose the NBA and ultimately the Brooklyn Nets, available in part because Mikhail Prohorov was getting pressure from Russian President to sell the team.
The Nets at the time were in the middle of a rebuild on the court, a property more about potential than profit.