Brooklyn Nets get another big name, this time off the court
The Brooklyn Nets made a splash this offseason with their signings of Kevin Durant and Kyrie Irving, and on Wednesday, they made a major addition in their executive ranks.
On a day in which Alibaba co-founder Joe Tsai's purchase of the Nets was unanimously approved Wednesday by the NBA's board of governors, he celebrated the occasion by announcing that he has hired former Turner Broadcasting President David Levy as the CEO of the team and Barclays Center.
David Levy (left) was tapped by Nets owner Joe Tsai to become CEO of the team and the arena.
Levy will oversee all business, revenue, strategy and operations for the Nets and Barclays Center, and will also serve as president of J Tsai Sports, the sports investment and holding vehicle that Tsai controls. Its assets include the WNBA's New York Liberty, as well as other sports teams and companies in both the U.S and overseas.
“I am excited and honored to join the Nets organization and look forward to working alongside Joe and the talented forward-thinking executives and team members across the entire organization,” said Levy in a statement. “(General Manager) Sean Marks and (Head Coach) Kenny Atkinson have done a terrific job instilling a winning culture and I am looking forward to supporting them as we build a sustainable foundation of success on and off the court. I am excited for our fans and can’t wait to get started.”
On the vision to expand the portfolio of J Tsai Sports, Levy said, “We have a tremendous opportunity to capture the growth of sports globally. J Tsai Sports is in a unique position to leverage our global resources and a strong portfolio of sports, entertainment and technology holdings to create value for our existing franchises as well as invest in new ventures for growth.”
In his 32 years with Turner Broadcasting – with the bulk of that running Turner Sports and including the last six as head of the entire Turner company - Levy worked closely with the NBA as he expanded the network’s relationship with the league beyond traditional television rights.
Levy negotiated a nine-year media rights agreement between Turner and the NBA that encompassed a broad spectrum of platforms including television, digital, sponsorship activation and other ancillary events. Additionally, he was instrumental in helping build strong franchises with Turner’s widely-regarded ‘NBA on TNT’ and the Emmy-Award winning ‘Inside the NBA’ studio show. In 2008, he developed a joint venture with the NBA for Turner to manage the league’s digital portfolio, which includes NBA TV and League Pass.
"We have a tremendous opportunity to capture the growth of sports globally."
In addition to the NBA, Levy extended his reach into college basketball when he orchestrated a ground-breaking agreement between Turner, the NCAA and CBS in 2010 for the rights to the NCAA Division One Men’s Basketball Championship.
"The Nets have made all the right moves this offseason - but luring David Levy into the fold might be the biggest of all," said Jim Nantz, who called two NCAA Championship games on TBS. "He is a dynamic leader with unparalleled people skills. I have no doubt he will build a winning culture.”
Tsai spent nearly $3.5 billion for the team and the arena, a record sale for a U.S. sports franchise. He purchased 49 percent of the Nets from Russian billionaire Mikhail Prokhorov in 2018, with the option to become controlling owner in 2021, but pushed up that timeline this summer to take full ownership of the team.
“David brings a unique combination of sports and media know-how, strategic thinking and operating skills to our sports and entertainment business. He is an entrepreneur at heart with the experience of managing and scaling organizations, and I really look forward to working with him,” said Tsai.
The sale breaks down to $2.35 billion for the Nets and about $1 billion in a separate transaction for the arena. The team price surpassed the $2.2 billion that Tilman Fertitta paid for the NBA's Houston Rockets and that David Tepper spent for the NFL's Carolina Panthers.
"In addition to being a passionate basketball fan, Joe is one of China's pre-eminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league's efforts to grow the game in China and other global markets," NBA Commissioner Adam Silver said in a statement.
The Nets will travel to China next month to play two preseason games against the Los Angeles Lakers at the start of a season filled with excitement for the team after an offseason that included the Durant and Irving signings.
Silver called the Nets a "thriving team, well-positioned for the future" after making a playoff appearance last season.