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Nets' Prokhorov has a Brooklyn state of mind


Mikhail Prokhorov is a Russian businessman taking over a New Jersey franchise who thinks Brooklyn real estate is worth a billion dollars.

Only in America.

Prokhorov, who bought the New Jersey Nets for $200 million, tells the New York Daily News that he expects to run a non-profit until the team moves from the Garden State to the Empire State in two years.

"Brooklyn is a country unto itself. Even the Americans themselves say that. It's the center of immigration. It has a unique energy to it. Tens of millions of people who now live in the U.S. came through Brooklyn.

When I've traveled around to different cities, people have come up to me and said, 'We're Brooklynites. Give us a great Nets team and we'll root for them.'

"The structure of the deal is such that, before the move to Brooklyn, we plan to have a certain budget deficit. That's built in. But from the time we move to Brooklyn, the team becomes profitable."

How profitable?

"I hope that this asset, which I bought for $200 million, will be worth at least $1 billion in five years. We got in at the right time."

Source: USA Today

News & Updates

Prokhorov Pledges $50,000 for Adopting Children Affected by US Ban
25 December 2012

Prokhorov reassures investors as he focuses on politics
29 October 2012

More Resources

Commentary and opinions: a selection of excerpts from speeches and presentations by Mikhail Prokhorov