On May 11, 2010, three years ago today, Mikhail Prokhorov's majority stake in the then-New Jersey Nets was approved by the NBA. Prokhorov's tenure has taken many turns, both in and out of the basketball world. Here's some of the memorable moments in photos.
More to come tomorrow.
Sucker? Do you think the Nets aren't going to make money? Prok's investment was reported to be: Quote from NY Post: In May 2010, [Mikhail] Prokhorov bought 80 percent of the team and 45 percent of the arena for $223 million. Of that amount, around $140 million was allocated for the purchase of the team, a source said. [Note the Nets also had $207 million in debt.] The Nets certainly lost money for the next year or so in Jersey, but now they are in a big market with a near sold out arena almost every night. Wait until their TV deal is open for negotiation again. The losses are done. The new CBA means every team makes money and the large market teams make tons of money. He did own a a professional basketball team in Russia, so I suspect he knows a little about basketball. But I also suspect he isn't making any basketball decisions. Frankly, this is such a small part of his financial empire that I doubt he takes much interest in it. It is probably just something nice to visit when he comes to New York. I bet he cares much more about his Russian team. But seriously, the guy is going to make a ton of money off this investment. Could he make more money with better contract management? Probably. But there was a plan to be a good team from day one and the Nets achieved that. The hype and sold out arena got the Islanders to come to Brooklyn. Not only is that great for Brooklyn residents, but Prok's 45% of the Barclay Arena goes up in value.