Joseph Tsai and Clara Wu Tsai, the owners of the Brooklyn Nets and the New York Liberty, are divorcing after 30 years of marriage. The couple, who married in October 1996, mutually decided to end their marriage with respect for one another, according to a statement.
"Over the years, their relationship evolved into more of a partnership, one of running their businesses and raising their children together," a spokesperson for the couple told Page Six. "While they have grown apart, their divorce is amicable and their relationship remains a strong, professional partnership."
Despite the personal separation, Joseph Tsai will continue as Chairman and Governor of the Brooklyn Nets, while Clara Wu Tsai will remain Vice Chair and Governor of the New York Liberty. They will continue to co-own and manage the teams with professional staff in place. The couple also intends to involve their three adult children—Dash, Alex, and Jacob—in the businesses long-term.
The ownership of Alibaba, the technology company co-founded by Joseph Tsai, will not be affected by the divorce. "There are no plans to sell any Alibaba shares and Joe’s role as Alibaba Chairman is not affected by this development," the statement read. Both Joseph and Clara Wu Tsai have expressed their continued commitment to their philanthropic and community endeavors, driven by the best interests of their family, businesses, and communities.
The Tsais acquired full ownership of the Nets and Liberty in 2019 for $2.35 billion, a record sum for an American sports franchise at the time. They had previously purchased a 49 percent stake the year before. Clara Wu Tsai's involvement was instrumental in relocating the Liberty from Madison Square Garden to the Barclays Center, the home arena of the Nets in Brooklyn.