Joe Tsai is named in a leak that exposes the Brooklyn Nets owner for using offshore accounts to possibly hide large transactions.
Described as the second richest man in Canada, Joe Tsai firmly planted his foot in the NBA world in 2019 when he became the sole owner of the Brooklyn Nets in 2019. He had previously owned 49% of the New York-based team but would eventually have the controlling interest of the team be sold to him by Mikhail Prokhorov.
Unlike most NBA team owners, Joe Tsai has been relatively vocal about the team who he now governs over. He was even quite spirited when talking about Kyrie Irving and his potential absence from the team due to him being unvaccinated.
“Kyrie talks about it as a sort of personal choice issue, which I respect. But, we need to not forget that our goal- what is our goal this year? It’s very, very clear: win a championship. The championship team needs to have everybody pulling the same direction.”
Joe Tsai caught using offshore accounts.
Buying an NBA team usually means you’re quite the wealthy man. Joe Tsai is no slacker in that department as he’s worth roughly around $14.5 billion, mainly due to him owning the second most shares in Alibaba while also being Jack Ma’s right-hand man.
Reaching such a status doesn’t come without its ‘scandals’ however as Tsai was recently mentioned in a transcript that accused him of using offshore accounts. These accounts were reportedly located in the British Virgin Islands, the Cayman Islands, and the Bahamas.
— E-Lacrosse (@e_lacrosse) October 4, 2021
Offshore accounts are ones that aren’t as heavily regulated by an overseeing bank and so it can very easily be used to carry out large transactions or even evade taxes.
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“It’s quite obvious he (Tsai) was using these constructions and using these opportunities that the tax havens offered for doing this type of task that he was doing for Alibaba, IPOs, and so on,” said Doris Fischer, the chair of China business and economics at the University of Würzburg in Germany.
Joe Tsai has yet to respond to these allegations made against him.