In the perception of many people, Joe Tsai is just the head of Alibaba and the man Ma Yun trusts the most. However, few know that Joe Tsai has another identity, which is the owner of the American NBA Brooklyn Nets.
In 2019, after achieving financial freedom, Joe Tsai spent a whopping 3.5 billion to buy an NBA team, becoming the first Chinese owner in NBA history. Subsequently, Joe Tsai gathered three giants: Harden, Irving, and Durant, earning a staggering 1.8 billion in four years!
Facing the doubts of everyone, Joe Tsai rose to the challenge and created his own investment legend.
It was in 2019 when a Russian tycoon, due to poor management of his team, decided to sell one of his NBA teams. As soon as the news broke, Jack Ma, the head of Alibaba Group, was ready to make a move.
Without hesitation, Joe Tsai directly invested 2.35 billion US dollars to acquire the ownership of the NBA Brooklyn Nets from this tycoon. Following that, Joe Tsai also spent 1.15 billion US dollars to buy the Barclays Center. Through these actions, Joe Tsai demonstrated his determination to enter the sports industry.
Joe Tsai's bold move shocked fans both at home and abroad. No one could have imagined that this Chinese super-rich would spend so much money and become the first Chinese owner of an NBA team.
Only Joe Tsai's friends were optimistic about him, saying, "This is exactly like his moves in the capital market, seizing the opportunity and making a decisive move!" Everyone was looking forward to the future of Joe Tsai's team, and he did not disappoint them.
As the saying goes, "A new official takes office with three fires," and as soon as he took office, Joe Tsai carried out drastic reforms. He fired a large number of incompetent people and placed suitable individuals in appropriate positions.
Subsequently, Joe Tsai also spent a huge sum to sign basketball superstar Kevin Durant. Joe Tsai appeared ambitious, and even after acquiring Durant, he was still not satisfied. Not long after, he signed Irving, who also had outstanding performances. Joe Tsai's move attracted the attention of fans, who were curious about the performance of these two giants working together.
Unexpectedly, in 2021, Joe Tsai actually traded with the Houston Rockets and directly brought Harden, this great general, under his wing. Thus, Joe Tsai formed a shocking trio combination for the fans!
At this point, Joe Tsai's goal had become clear, aiming straight for the NBA championship. Unfortunately, the era of the three giants seemed to have passed. When Joe Tsai signed them, the injuries of the three giants became a hard injury.
Coupled with the severe lack of team cohesion and默契, it also led to the team not achieving the desired glorious record. It was unacceptable not only to the fans but also to the three giants themselves. They chose to leave and bid farewell to Joe Tsai, this generous host.
The initial huge investment by Joe Tsai to acquire the team and gather the three giants seemed to have become a joke, drawing ridicule from countless fans. Of course, this was only what it seemed on the surface.
During the process of watching the games, everyone overlooked an objective fact. That is, Joe Tsai himself is a businessman and one of the decision-makers behind Alibaba. How could he possibly make a losing deal?
Although the team's achievements were not ideal, Joe Tsai's investment this time was extremely successful. Just take the signing of Durant and the other two superstars as an example; the increase in the team's market value had already affirmed Joe Tsai's investment.
Initially, Joe Tsai acquired the Nets for 2.35 billion, and after the addition of these two superstars, the team's market value directly reached 3.4 billion. With the addition of Harden, the team's market value increased by another 500 million.
Even with the subsequent departure of the three giants, it could not change the value of the Nets at that time, and the market value even reached the astronomical figure of 4 billion US dollars at one point.
And these were just the value of the team itself, not to mention the invisible benefits such as television broadcast revenue, ticket sales, and advertising sponsorships during each game.
Therefore, no matter how you look at it, Joe Tsai's investment allowed him to make a fortune. According to statistics from relevant institutions, in the four years since Joe Tsai acquired the Nets, he has earned at least 1.8 billion US dollars.
This figure alone is enough to prove the correctness of Joe Tsai's initial decision, allowing him to once again demonstrate his keen business acumen. Initially, everyone thought he made a rash decision, but who would have thought that Joe Tsai would instead earn a full pot!
The reason why he initially ventured into the sports field is also related to Joe Tsai's growth experience.
Joe Tsai has always loved sports. Before going to the United States for further studies, he was born in Taiwan and maintained the habit of exercising. Upon arriving in the United States, where language barriers existed, Joe Tsai found that only through sports could he bridge the gap with his classmates, leading him to engage in sports more frequently.
Joe Tsai joined many sports clubs, except for the basketball team, where he encountered a setback due to his height. Although he failed to join the basketball team, Joe Tsai excelled in baseball and other sports.
Through fighting side by side with his peers, Joe Tsai gradually gained acceptance from his American classmates, making him realize the importance of sports. Driven by his passion for sports, Joe Tsai always had the idea of taking root in the sports field.
Due to economic constraints in his youth, Joe Tsai never found the right opportunity. It was only after returning to China as an investor that he fought for more possibilities.
When Joe Tsai arrived in Hangzhou, he spotted Jack Ma, who was then an entrepreneur. Despite Jack Ma's two previous failures, Joe Tsai remained confident in him.
Out of trust in Jack Ma, Joe Tsai invested in him. Not only did he invest money, but he also put in effort, serving as the legal counsel for Alibaba and helping Jack Ma establish the powerful business group that is Alibaba today.
It can be said that without Joe Tsai, there would be no Alibaba of today. Jack Ma also gave Joe Tsai his full trust, and he is undoubtedly the man Jack Ma trusts the most. After the great success of Alibaba, Joe Tsai also received his generous rewards.
Now, he finally has the ability to pursue his favorite sports industry. Therefore, upon learning that a Russian tycoon was selling his team, Joe Tsai immediately made the decision to acquire it.
The outside world did not favor Joe Tsai, as he had never ventured into the sports industry before. However, Joe Tsai surprised everyone by achieving another success in his investment career through the Nets.
With the departure of the three giants, people began to pay attention to the future performance of the Nets. Let's see Joe Tsai's next move and hope that he can continue to bring surprises and achieve good results in the NBA Finals.
References:
Dialogue with Joe Tsai | From "The Man Behind Ma Yun" to NBA Team Owner
The Paper, January 9, 2020