David Levy

Nets, CEO David Levy Part Ways After Two Months

Less than two months after he joined the Nets as the CEO of the franchise and the Barclays Center, David Levy and the Nets are parting ways, the team announced today in a press release. Oliver Wiesberg, the CEO of J Tsai Sports and the Nets’ alternative governor, has been named Levy’s replacement on an interim basis.

While the Nets’ announcement and a statement from Levy himself classify the move as a mutual agreement to part ways, Scott Soshnick of Bloomberg suggests in his report that the longtime Turner Broadcasting executive resigned from his new post in Brooklyn.

Levy replaced former CEO Brett Yormark in September when new owner Joe Tsai officially assumed control of the franchise from Mikhail Prokhorov. Presumably, the two sides expected the relationship to last longer than two months, so there’s likely more to the story than they’re willing to reveal at this point.

Wiesberg’s statement in the Nets’ press release may offer a hint at the circumstances surrounding Levy’s departure. That statement reads, in part: “As we enter an exciting next chapter of our organization, it’s important that ownership and management are completely aligned on our go forward plan.”

Nets Notes: Levy, Business Ventures, Projections

Nets owner Joe Tsai, who was unanimously approved by the NBA Board of Governors to take over control of the team earlier this week, believes the franchise has done an excellent job creating a winning environment.

“They established the culture, developed talent others couldn’t see, and made Brooklyn the place where the best players want to play,” Tsai said (via Brian Lewis of the New York Post). “In a great position to compete. I am thrilled to be partners with winners!”

Tsai has David Levy, who formerly lead Turner Broadcasting, overseeing his sports portfolio.

“It all starts with putting a competitive product on the floor. That means we have to win games, both in the regular season and the playoffs,” Levy said. “That’ll help us attract more fans.

“We’re going to market our stars, our team, our culture. That’s opportunities for bigger sponsors, and the foundation [GM] Sean [Marks] and [head coach] Kenny [Atkinson] built is going to help me do that.”

Here’s more from Brooklyn:

  • The Nets are looking at opportunities around esports (Brooklyn owns one of the 22 teams in the 2K League) and sports betting in order to capitalize on the increased interest in the team, Lewis relays in the same piece. Levy also tells Lewis that he intends to look into trying to re-negotiate the team’s TV deal.
  • Steve Kyler believes the Nets will finish fourth in the Atlantic Division, as he writes in a collaborative piece with the staff at Basketball Insiders. Kyler doesn’t see Kyrie Irving’s transition to the lead role in Brooklyn going smoothly.
  • In the same piece, Eric Pincus details how the Nets were creative with their financial moves this past offseason. Brooklyn negotiated a double sign-and-trade with Golden State for Kevin Durant rather than signing him outright, which allowed the team to maximize its cap space.

NBA’s Board Of Governors Unanimously Approves Nets Sale To Joe Tsai

The NBA’s Board of Governors has unanimously approved the sale of the Nets – and the Barclays Center – to Joe Tsai, the league announced today in a press release.

Tsai, who had been a minority stakeholder in the franchise, finalized a deal last month to purchase the remaining shares from Mikhail Prokhorov, but that deal required approval from the Board of Governors before it could become fully official.

“We are thrilled that Joe Tsai is becoming the principal owner and governor of the Brooklyn Nets,” NBA commissioner Adam Silver said in a statement. “In addition to being a passionate basketball fan, Joe is one of China’s preeminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league’s efforts to grow the game in China and other global markets.”

In addition to formally finalizing his purchase of the Nets and their arena, Tsai has also officially installed veteran executive David Levy as the CEO of the Nets and the Barclays Center, per a team press release. Levy, the former president of Turner, will also serve as the president of J Tsai Sports, the sports investment and holding vehicle controlled by the new Nets owner.

“David brings a unique combination of sports and media know-how, strategic thinking and operating skills to our sports and entertainment business. He is an entrepreneur at heart with the experience of managing and scaling organizations, and I really look forward to working with him,” Tsai said in a statement.

For more details on the sale of the Nets to Tsai and the hiring of Levy, be sure to check out our previous stories on those moves.

Nets Hiring David Levy As CEO

The Nets are hiring longtime Turner president David Levy as their new CEO, reports ESPN’s Adrian Wojnarowski (via Twitter). According to Wojnarowski, Brooklyn is expected to make the hiring official after Joseph Tsai‘s purchase of the team is formally approved at the league’s upcoming Board of Governors meetings.

Levy spent 33 years with Turner before leaving his position with the company earlier this year shortly after AT&T’s acquisition of Turner and the rest of WarnerMedia. He started as an ad sales account executive with the company in 1986 before eventually ascending to the role of president in 2013.

Levy will be replacing Brett Yormark, who announced last month that he’d be stepping down from his position as CEO of the Nets and the Barclays Center. Yormark had a significant amount of control under Nets owner Mikhail Prokhorov, but with Tsai taking over as the controlling owner of both the Nets and their arena, it makes sense that he’d bring in his own lead executive.

In a press release issued a month ago announcing Tsai’s deal to buy out Prokhorov, the Nets confirmed that Yormark would oversee the transition to new ownership before “departing for a new role.”