Nets CEO David Levy Steps Down After Less Than Two Months

(Bloomberg) -- David Levy is resigning as chief executive officer of the Brooklyn Nets and Barclays Center, abruptly walking away from the fast-growing sports operation owned by Alibaba Group billionaire Joe Tsai.

Levy, a 33-year veteran of Turner Broadcasting, was named to the CEO job less than two months ago. Oliver Weisberg, head of J Tsai Sports, will now take over as interim Nets chief.

“We mutually agreed to part ways,” the 57-year-old Levy said in an interview, declining to comment further. He came on as CEO in September following an acquisition of the squad by Tsai, who is building a sports, media and entertainment empire.

As part of his deal, Levy joined Tsai’s family office, becoming a venture partner managing global investments. He also took the job of president of J Tsai Sports, a holding company that includes the WNBA’s New York Liberty, the National Lacrosse League team in San Diego, the Premier Lacrosse League and Major League Soccer’s LAFC.

In a statement, Weisberg suggested that Levy didn’t share Tsai’s vision for the organization.

“It’s important that ownership and management are completely aligned on our go-forward plan,” he said.

Levy, who had been president of Turner until March, said in September that he was thrilled about the new job, including the chance to invest in sports betting, esports and new technology. “I pinch myself,” he said at the time. “That’s what makes this a really unique opportunity.”

Tsai didn’t immediately respond to an email seeking comment.

China Outcry

It’s been a rocky couple of months for the NBA, which suffered a backlash in China after Houston Rockets General Manager Daryl Morey tweeted support for Hong Kong protesters. Tsai, born in Taiwan, responded to Morey’s tweet with an open letter to NBA fans explaining why China’s government and many of its residents considered the comments offensive.

The stance has positioned the Nets as a team that could become more popular in China. The Rockets, thanks to all star Yao Ming, had long been a favorite in the country. But the idea of cozying up to the Chinese government hasn’t sat well with some NBA fans at home.

Levy has long been a major figure in the sports-business world, having negotiated long-term broadcast contracts for Turner channels to carry the NBA, NCAA men’s basketball tournament, Major League Baseball, PGA of America and UEFA, the governing body for soccer in Europe.

Levy succeeded Brett Yormark, who oversaw the Nets’ move to Brooklyn from New Jersey in 2012. He stepped down in the wake of Tsai acquiring the franchise from Mikhail Prokhorov.

To contact the reporter on this story: Scott Soshnick in New York at ssoshnick@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

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