Owners Rumors

Nets owner Joe Tsai spoke with Bloomberg Businessweek, and essentially said that he and Levy, the former president of Turner Broadcasting, had different expectations for the job. Tsai, who closed his record purchase of the Nets in September, also made Levy the president of J Tsai Sports. Through the holding company for his sports portfolio, Tsai owns not only the Nets, but the WNBA’s New York Liberty, a lacrosse team in San Diego, and stakes in MLS side LAFC and in the Premier Lacrosse League. “He was already looking ahead at how to grow the J Tsai sports portfolio, but we also needed someone to do the nuts and bolts,” Tsai told Bloomberg Businessweek. “Maybe he thought that he wanted to do something that’s bigger and he could just bring in other people to do it, and I’m of a view that before you outsource something you should do it yourself.”
Tsai wooed Levy, a 33-year veteran of Turner Sports, with a heavy portfolio. He was named CEO of the Nets, Barclays and J Tsai Sports, Tsai’s holding company that also controls the New York Liberty and his other sports investments in lacrosse, soccer and esports. Levy was also named an “alternate governor” of the Nets and a “venture partner” in Tsai’s family investment vehicle. Still, one team insider told NetsDaily that Levy was surprised to be managing something as small as the Nets after running Turner Media. And in fact, Levy told Bloomberg last month, “It wasn’t the job I signed up for and we agreed to part ways.” Both Tsai and Levy told Boudway they remain friends.