New York Liberty owner’s investment led to WNBA Finals

Good morning, Broadsheet readers! Victoria’s Secret reverts its rebranding strategy, Sen. Laphonza Butler opts not to run for re-election, and New York Liberty owner Clara Wu Tsai sees returns on her investment in the WNBA team. Have a relaxing weekend – Slam dunk.

When Clara Wu Tsai and her husband Joe Tsai acquired the New York Liberty in 2019, the team was struggling. Under previous owner James Dolan, it had been relocated from New York City to Westchester County. This week, Wu Tsai witnessed the Liberty reach the WNBA Finals, narrowly losing 70-69 to the Las Vegas Aces in a pivotal game at Brooklyn’s Barclays Center. “I’m naturally disappointed,” said Wu Tsai, who serves as the team’s governor. “But I couldn’t be happier with the progress we’ve made in just one year and the impact we’ve had on the league.”

Before taking ownership of the Liberty, the Tsais were already co-owners of the NBA’s Brooklyn Nets. Their primary source of wealth stems from Alibaba, the Chinese e-commerce giant. Joe Tsai was one of the co-founders and now serves as chairman. In contrast, Wu Tsai formerly served as the general manager of Hong Kong operations for Alibaba-owned Taobao and as a vice president for American Express. Upon acquiring the Liberty, the Tsais provided substantial resources to the team, including moving games to the Barclays Center (which they own), revamping the locker room, expanding the performance and front-office staff, and recruiting star players like Sabrina Ionescu, Jonquel Jones, and Breanna Stewart. “We aimed to make New York a premier destination for elite players,” Wu Tsai explained.

The result was an electrifying final showdown between two equally matched basketball teams. The Aces ultimately secured their second consecutive championship win in 21 years. Wu Tsai believes that this rivalry was transformative for the league. “We demonstrated that we could fill an arena with 17,000 incredibly passionate fans,” she said. Merchandise sales surged by 100% compared to last year, and the series achieved the highest viewership in two decades.

The Tsais’ investment in the Liberty has not been without controversy. They were fined a record-breaking $500,000 for chartering flights for players, violating league rules. Unlike in the NBA, WNBA players typically travel on commercial flights, dealing with layovers and delayed arrivals before significant games. The intention behind this policy is to level the playing field since not all WNBA owners are willing to bear the expenses of private air travel. However, the fine prompted the league to revise its regulations, permitting chartered flights during the playoffs. “We will continue to advocate for player health and well-being. We firmly believe that flying privately is essential for on-court performance,” stated Wu Tsai. She hopes that the spotlight on New York will lead to improved working conditions, increased sponsorship revenue, and greater media attention for women’s players across the WNBA. “The future is incredibly bright for this team and the league,” she concluded.

Reference

Rachel Adams

Rachel Adams is your WNBA insider, delivering comprehensive coverage of women’s basketball. With a commitment to highlighting the talent and achievements of WNBA players, she provides game analysis, player profiles, and inspiring stories from the league.