Brooklyn Nets owner Tsai invests $10 million in G2 Esports

Joseph Tsai, the billionaire owner of the Brooklyn Nets, has become a minority owner of G2 Esports after investing $10 million, the esports organization announced Tuesday.

G2, a European company, also said it intends to open an office in New York in 2020.

"New York is an under-leveraged and under-represented market in esports, which is odd because it in particular is where so many impactful subcultures have been born in the U.S.," Jens Hilgers, one of G2's founding owners, told Forbes. "This is an opportunity for G2 to capitalize on playing to the East Coast."

G2 teams compete in a variety of platforms, including League of Legends, Fortnite, Counter-Strike: Global Offensive, PlayerUnknown's Battlegrounds and Rocket League.

Forbes recently valued the company at $165 million, which represents a 57 percent increase from 2018. Earlier this year, G2 raised $17.3 million from New York investors, according to Forbes.

The increased presence in New York City is expected to allow Berlin-based G2 to capitalize on sponsorship possibilities with American companies.

Additionally, Forbes said Tsai's connections should allow G2 to better reach the market in China, where it is seeking to expand its reach. Tsai, born in Taiwan, is co-founder of Alibaba, a Chinese ecommerce conglomerate, and he can offer guidance into expanding into the market.

--Field Level Media