Brooklyn Nets’ Owner Joe Tsai Pledges $50 Million to Create ‘Economic Mobility’ in Brooklyn’s Black Community

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The Brooklyn Nets, led by owners Joe and Clara Wu Tsai, are pledging $50 million over 10 years to establish and support they hope will lead to economic mobility in the Black community.

The couple will lead a “five-point plan,” which will include continued support for its players pushing for social and economic equality and address wage gaps in communities of color, starting in Brooklyn. The plan will also address diversity within the Nets organization and the National Basketball Association league office.

“After George Floyd’s death, we felt like we needed to take a firm stand on racial injustice,” Clara Wu Tsai said in an interview with CNBC on Monday. “I wanted to state our beliefs on this issue — that racism is pervasive and needs to be addressed, and I wanted to lay out core principles that clarified our purpose as an organization.”

Source: CNBC