Joe Tsai and his wife decide to divorce! Ending a 30-year marriage: retaining ownership of the Nets and the Liberty

On August 1st Beijing time, Brooklyn Nets and New York Liberty owners Joe Tsai and Clara Wu have decided to divorce after 30 years of marriage.

The couple's spokesperson exclusively stated to US media Page Six: "Clara Wu and Joe Tsai have decided to end their marriage, a mutual decision made with great respect for each other."

"Over the years, their relationship has gradually transformed into a business partnership, working together to manage enterprises and raise children. Although their romantic feelings have drifted apart, this divorce is an amicable separation, and they continue to maintain a solid business partnership."

The statement also explained the arrangement of their commercial assets: "Joe Tsai will continue to serve as Chairman of Brooklyn Sports & Entertainment Group, while Clara Wu will continue as Vice Chairman. Joe Tsai retains his role as owner of the Brooklyn Nets, and Clara Wu continues as owner of the New York Liberty. The teams will maintain their current professional management teams to operate, and the two will continue to jointly hold and manage both teams; in the long term, they plan to involve their children in the business."

Joe Tsai and Clara Wu married in October 1996 and have three now-adult children: Dash, Alex, and Jacob.

The equity structure of Alibaba Group, which Joe Tsai co-founded, will not be affected by this divorce. The statement reads: "There are no plans to sell any Alibaba shares, and Joe Tsai's position as Chairman of the Alibaba Board will not change as a result."

"Joe Tsai and Clara Wu will continue to devote themselves to existing charitable and community welfare initiatives. The two have always prioritized the best interests of their family, businesses, and community, and will continue to work together as partners."

In 2019, the couple spent $2.35 billion to fully acquire the Nets and the Liberty, a deal that set a record for the highest acquisition price of a US professional sports team at the time.

A year earlier, they had already acquired a 49% stake in both teams. Thanks to Clara Wu's efforts, the New York Liberty moved from Madison Square Garden to the Nets' home arena, the Barclays Center in Brooklyn.