Mikhail Prokhorov Rumors

A week earlier, just after 11 a.m. on July 1, the Nets arrived at the IMG building in downtown Cleveland as the first of six teams to meet with James. Out of one side of a Lincoln Town Car emerged Mikhail Prokhorov, the billionaire Russian oligarch who had bought the Nets less than two months prior. Out of the other side emerged Jay-Z. “It was a circus show,” said Avery Johnson, who had been hired to coach the team. “We were very excited. But in all honesty, we weren’t ready as an organization. And we were playing in Newark for the next two years — not New York. But Jay-Z really gave a great pitch. He appealed to their friendship and sold New York.”
After the Warriors, the NBA team that increased in value the most is the Brooklyn Nets, which have been sold twice in the past decade, first to Russian billionaire Mikhail Prokhorov, who bought in 2010 and then moved the team from New Jersey to the $1 billion Barclays Center in 2012; more recently, billionaire Joseph Tsai bought the team and its arena for $3.3 billion. The team’s value has jumped 773% in the past decade, the third best of any team in the world.
What’s your next move? Brett Yormark: I’m not going to announce it yet. I knew there was going to be an end to one chapter and the beginning of another. Ownership effectively told me last spring that (selling the majority share to Joe Tsai) was something they were contemplating. I extended my deal through December to provide oversight of the transaction. There was always a plan to leave with ownership. I’ve become very close to Mikhail Prokhorov and (board chairman) Dmitry Razumov. It would have been very tough for me to leave the company, knowing that ownership was going to stay on board. My goal is to announce where I’m heading in mid-September, assuming everything works out. I’m going to stay in sports and entertainment and look forward to build something and create value. It’s no different than what I did at NASCAR and BSE.
Albert Nahmad: It’s a fun but difficult exercise to try to figure what Mikhail Prokhorov profited from his investment in the Nets and Barclay’s Center. I spent a few minutes on it, and here’s what I’ve been able to come up with:

Storyline: Mikhail Prokhorov Selling Nets?
Albert Nahmad: It’s a fun but difficult exercise to try to figure what Mikhail Prokhorov profited from his investment in the Nets and Barclay’s Center. I spent a few minutes on it, and here’s what I’ve been able to come up with:

Storyline: Mikhail Prokhorov Selling Nets?
Prokhorov’s record as an NBA owner: 300-504. What Prokhorov will sell the team for, after acquiring it for $223 million, plus the team’s debt, in 2009: $2.35 billion. Said a longtime Nets official, “He went for it, tried to win a championship and left.” Prokhorov was a good NBA owner, at least by some measurements. “Part of his legacy,” says former Nets executive Bobby Marks, “is that he saved the Nets.” Indeed, Prokhorov took control of the Nets during a U.S. recession. The Barclays Center project—mired in expensive legal battles that ex-owner Bruce Ratner was struggling to afford—was on the brink of collapse. Enter Prokhorov, whose infusion of cash helped salvage the project.
“I wish I had more one-on-one, more direct contact with him,” says ex-Nets GM Billy King. “I had a lot of respect for him. I wish I had more direct conversations with him. He said that to me in our final meeting. In my past experience, when you can talk to your owner, you see their reaction, hear inflection. When you are dealing with him through somebody, you don’t get that. You wonder, did it have to be pushed to get to a go? Or what questions he asked to get to that point? That’s the one thing I didn’t get.”