New Jersey’s NBA team, the Nets, has a new owner. In a recent business acquisition between developer Bruce Ratner and Russian entrepreneur Mikhail Prokhorov, $200 million bought Prokhorov the title of the Nets’ majority owner.
Prokhorov, 45, has made most of his money through gold but in general enjoys and succeeds in buying cheap assets and improving their performance. This is very well his case for buying the New Jersey Nets, a team whose number of wins is notoriously small.
Prokhorov just might have the power and the money to turn those numbers around and make the team a winning one. Reports say that come the annual draft lottery day, Prokhorov seeks to add a top player to his newly acquired team. He also has his eyes on some free-agent star players who will be up for grabs this summer.
This NBA-approved acquisition is a turning point for the NBA. Until now, there has been only one other foreign team owner in the association. Prokhorov suggests that his involvement with the NBA will help spread the game’s popularity at the international level.
He hopes this business acquisition is just the beginning of many future entrepreneurial successes in the United States. Being that he currently holds the title of the second wealthiest man in Russia, he has quite an impressive reputation to live up to here in the U.S. But if using his business savvy to profit from “distressed assets” is still in fact Prokhorov’s professed strategy, there are certainly enough troubled businesses here that are ready for his taking and magic touch.
Prokhorov’s $200 Million Purchase of Nets Gets NBA Approval