Jack Ma, one of China’s richest and most famous businessmen as the founder of Alibaba, is joining the Liberty’s list of investors, along with five women, an eclectic group of fund managers, a supermodel and the daughters of two top American sportsmen, the Liberty announced on Tuesday.
Each of the American investors have family connections to pro sports. They include daughters of former Milwaukee Bucks owner Marc Lasry and the Baltimore Orioles principal owner as well as the wife of a minority owner in the Memphis Grizzlies. Others include a previous investor in the WNBA and a member of the NIKE board of directors.
Ma appears to be the lead investor in the group which as a group reportedly will receive a stake in the “mid-teens,” per Bloomberg, for an undisclosed cash infusion. The cash will be used, according to the team, for the construction of the team’s yet-unnamed $80 million training facility in Greenpoint, Brooklyn. It was this investment that vaulted the Liberty to a valuation of $450 million, the most ever for a professional women’s sports franchise.
Ma who along with 17 other investors including Tsai founded Alibaba in a Huangzhou apartment 26 years ago became one of Chinese richest men as the e-commerce giant soared in value, topped off by a New York Stock Exchange offering in 2014 in which the company raised $25 billion.
It was a second initial public offering involving a financial spinoff, ANT, that led to his downfall. It was canceled by Chinese financial regulators in November 2020, ostensibly to tighten regulation of the sector but by most accounts, it was driven by Ma’s comments about the Chinese banking system’s “pawn shop” mentality. The company was ultimately fined more than $2.5 billion and Ma essentially became a non-person in China,
In recent months, however, Ma has been rehabilitated as the country’s leadership has turned to the private sector to spur the economy. He was famously seen in February at a meeting between Chinese president Xi Jingping, his presence seen as a symbol of a truce between the Communist Party and private business. The investment in the Liberty will no doubt be seen in China as another indicator he is back in public life. Ma has an estimated net worth of $27 billion and remains Alibaba’s leading stockholder. Tsai remains chairman of ‘Baba.
Tsai and Ma have been close throughout Ma’s rise, fall and rise again. In a statement announcing his inclusion in the new list of investors, Tsai said this:
“Jack has been a trusted business partner to me, and I’m thrilled to have another opportunity to create meaningful impact together,” said Joe Tsai, who is the alternate governor of the Liberty as well as governor of the Nets. “He is a passionate supporter of women’s sports and I know he is excited to help us build an enduring franchise.”
Ma, wearing Brooklyn Nets gear, appeared with the Tsais at the Nets game in Paris last year vs. the Cavaliers. No indication of a Ma interest in the Nets which as part of BSE Global like the the Liberty, is owned 85% by the Tsais through their family office, Blue Capital, and 15% by the family of Julia Koch who bought in last June.
The other investors, again all women, bring a variety of backgrounds. “each of whom is a fierce advocate for women across industries including sports.” said Tsai.
Karli Kloss is listed on the announcement as a “supermodel, entrepreneur, and philanthropist” who’s appeared on more than 40 Vogue covers. One of Kloss’ business tries to revive so-called legacy brands, most recently acquiring the rights to LIFE magazine. She is married to Josh Kushner, himself an entrepreneur, a minority owner of the Memphis Grizzlies and the brother of Jared Kushner, President Trump’s son-in-law.
Karen Finerman is a prominent businesswoman, investment strategist and a previous investor in the WNBA. She appears regularly on CNBC’s Fast Money. She is also the author of the NY Times bestseller Finerman’s Rules: Secrets I’d Only Tell My Daughters About Business and Life.
Thasunda Brown Duckett is President and CEO of TIAA, a leading provider of secure retirements and investment solutions for millions of people and thousands of institutions. She has drawn from her own experience as an athlete, where she said sports built her “confidence, grit, and leadership capabilities.” She’s on the NIKE board of directors.
Samantha Lasry, the daughter of former Milwaukee Bucks governor Marc Lasry, is politically active in women’s rights and reproductive health and served in the Africa Bureau of the U.S. State Department.
Gabriella Rubenstein who runs her own investment Manna Tree, a private equity firm focused on improving human health through investments in the global food and health supply chain. Rubenstein is the daughter of David Rubenstein, principal owner of the Baltimore Orioles and co-founder and co-chairman of the Carlyle Group, one of the world’s largest investment firms.
“We are pleased to welcome Jack, Karen, Thasunda, Karlie, Gabrielle and Samantha to the New York Liberty family,” said team Governor Clara Wu Tsai. “We are fortunate to partner with these entrepreneurs and leaders whose exceptional achievements span technology, finance, business, and culture.”
Indeed, the last week has been active for the Tsais as investors.
On Wednesday. Sports Business Journal reported that the league approved the sale of a piece of Joe Tsai’s already small stake in the Miami Dolphins to a trio of smaller investors, not identified. Tsai brought 2,9% of the franchise a little more than a month ago at a reported price of more than $200 million. The transaction approved by the NFL will transfer a third of that — 1.1% — to the trio, according to the SBJ.
On Thursday, the newly formed Asian University Basketball League (AUBL) announced that the Tsai family office is its lead seed investor. The AUBL expects to start play in August with college teams from China, Hong Kong, Taiwan, Japan and South Korea. It hopes to develop homegrown Asian talent.
Tsai owns pieces of teams in the NBA, WNBA, NFL, MLS and the National Lacrosse League. He also owns big pieces of the Premier Lacrosse Lacrosse and its recent spinoff, the Women’s Lacrosse League.