sport news Brooklyn Nets owner Joe Tsai admits he had 'NO IDEA' how to own a franchise ... trends now

Billionaire Joe Tsai took over full control of the Brooklyn Nets in 2019 The franchise will miss the playoffs this year after trading away its stars DailyMail.com provides all the latest international sports news

By Jake Nisse

Published: 18:36 BST, 12 April 2024 | Updated: 18:42 BST, 12 April 2024

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Brooklyn Nets owner Joe Tsai has admitted he had 'no idea' how to be the owner of a sports franchise upon his initial investment into the team in 2017.

Tsai, a Taiwanese-Canadian billionaire who co-founded e-commerce company Alibaba, bought 49 percent of the Nets seven years ago before fully taking over for previous owner Mikhail Prokhorov in 2019.

And Tsai, by his own telling, didn't have much knowledge of the NBA before investing his billions into the Nets, in quotes first reported by NetsDaily.

'When Brooklyn Nets went up for the sale, this was in 2017, I really had no idea how to invest and be an owner of a sports team,' Tsai said to Nicolai Tangen on the '"In Good Company' podcast.

'Then I looked at the characteristics of the league, how the league shares economics. One of the great things about the NBA is that they have a very good collective bargaining agreement that splits the economics between the teams - the owners - and the players.

Joe Tsai first invested into the Brooklyn Nets in 2017, and bought the team in full in 2019

Tsai's Nets traded away superstars Kyrie Irving and Kevin Durant last season

'The players are really