Joe Tsai says he has to build winner with Nets before being main owner of NFL team
With Brooklyn closing in on Year 1 of a rebuild, this is a vital time for the Nets.Between a new hands-on role running Alibaba, buying a share of the Dolphins, and jetting back and forth from China, it’s a busy time for their owner.But Joe Tsai reiterated his priority in Brooklyn is championships, not cash.And when asked if he was interested in buying an NFL team, he replied no because he’s still focused on building the NBA franchise he already has into a winner.“No, I still don’t feel like I’m an NFL owner,” said Tsai, who has a three percent stake in the Dolphins.
“I’ve got to take care of the Brooklyn Nets first, which means you need to win first in the sport that you’re already involved in.So you’ve got to take care of business here.”Tsai stressed the minority purchase in Miami was strictly financial, painting his ownership of the Nets as a labor of love.The 61-year-old e-commerce billionaire — who bought a minority stake in the Nets in 2017, and took majority control two years later — was speaking at CNBC’s ‘CONVERGE’ leadership event in Singapore, discussing a wide range of topics.Tsai — who co-founded Alibaba with Jack Ma — was prodded into returning to a hands-on role with the China-based giant, being named chairman of the board.
He discussed Alibaba’s AI strides, President Donald Trump’s tariffs and — most importantly to Brooklyn fans — the Nets.“For a sports owner, the return season after season is winning.Every season, you’re trying to win the championship, so you want to win games, right?” Tsai asked rhetorically.“You’re not looking at the income statement of the team from season to season, so I guess the final payoff for me is less financial — even though the financial aspects are important, I have to make sure that the bottom line investment can make sense — but at the end of the day, it’s through the love of sports.
I have a passion for sports.That’s why I invested in these teams.”Tsa...