 If you walk the city streets with a portrait of Mikhail Prokhorov and ask if anyone knew who he was, a majority of the people would say no. If you gave individuals in the business world a survey with the same question, the answer may surprise you. Mikhail Prokhorov is a former banker and nickel mining baron. When he cashed out his assets in 2008 before the global crisis caused commodity prices to crash, that made him very rich. As if he wasn’t already. According the latest Russian edition of Forbes magazine, Prokhorov has an estimated fortune of $9.5 billion.
I am bringing this to your attention because according to ESPN.com, Mr. Prokhorov has made a bid for the New Jersey Nets. Forbes magazine ranked the Nets 26th out of 30 NBA teams, with an estimated value of $295 million. The proposed deal that the billionaire made is estimated to be $700 million, which sources close to him have stated. This would be the first time an NBA team would be under foreign control. The NBA does not bar overseas ownership, and transfer of ownership does require background checks on a new owner as well as approval by 75% of the league’s 30 owners.
Information from ESPN.com was used in this article.
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