Mikhail Prokhorov: The Billionaire Oligarch Who Bought the Brooklyn Nets

Mikhail Prokhorov is a Russian-Israeli billionaire businessman, investor, and former politician. He is best known in the United States as the former owner of the Brooklyn Nets NBA team. But there's much more to his story. His rise to wealth, his controversial role in post-Soviet Russia, and his ventures into politics make him one of the most intriguing figures in modern Russian history.

Early Life and Background

Mikhail Dmitrievich Prokhorov was born on May 3, 1965, in Moscow, then part of the Soviet Union. He came from a well-educated family—his mother worked in science, and his father worked for the Soviet sports committee. Prokhorov was a bright student and studied at the Moscow Finance Institute, one of the top universities in Russia.

The Fall of the USSR: A Business Opportunity

The turning point in Mikhail Prokhorov’s life came with the fall of the Soviet Union in 1991. The Russian government needed money, so it launched a controversial privatization program called "loans-for-shares." In this program, the government gave away ownership of valuable state companies, especially those in metals, mining, and oil, in exchange for short-term loans.

Prokhorov was one of the people who made huge profits during this time. He teamed up with another businessman, Vladimir Potanin. Together, they gained control of Norilsk Nickel, one of the largest producers of nickel and palladium in the world. They bought it at a very low price. Later, its value skyrocketed.

This move turned Mikhail Prokhorov into a billionaire. Many critics say this process was unfair and helped create the Russian oligarch class—a group of super-rich businessmen who gained power and wealth during Russia’s transition to capitalism.

How Rich Is Mikhail Prokhorov?

At his peak, Mikhail Prokhorov had an estimated net worth of $13 billion, making him one of the richest men in Russia. He made most of his fortune in metals, banking, and private investments. Over time, he expanded his business empire and diversified into new industries like media, sports, and real estate.

Buying the Brooklyn Nets

In 2010, Mikhail Prokhorov made headlines in the U.S. when he became the first non-American owner of an NBA team. He bought an 80% stake in the New Jersey Nets and later moved the team to Brooklyn, New York. He helped fund the creation of the Barclays Center, a modern sports arena in downtown Brooklyn.

His goal was to turn the Brooklyn Nets into a top NBA team. Though the team didn’t win any championships under his ownership, he increased its value greatly. In 2019, he sold the team and the Barclays Center to Alibaba co-founder Joseph Tsai for over $3 billion combined—a huge return on investment.

Political Career

Mikhail Prokhorov surprised many when he entered politics in 2011. He formed a political party called "Civic Platform" and ran for president of Russia in 2012. He campaigned as a pro-business, moderate alternative to Vladimir Putin.

He received about 8% of the vote, which was impressive for a newcomer. However, many analysts believed his campaign was allowed by the Kremlin to give the appearance of fair elections. After the election, Prokhorov stepped back from politics and returned to business.

Citizenship and Global Lifestyle

In addition to his Russian citizenship, Mikhail Prokhorov holds Israeli citizenship. Like many Russian billionaires, he has homes around the world, including in France, the United States, and Israel. He is known for his luxury lifestyle, owning yachts, private jets, and vacation homes.

Despite his global presence, he keeps a relatively low profile and avoids public drama. He is not married and has no children. He often says he prefers freedom and independence over traditional family life.

Controversies and Criticism

Mikhail Prokhorov’s wealth and success haven’t come without controversy. His role in the loans-for-shares deal is still criticized today. Many Russians believe that a few individuals, like Prokhorov, took unfair advantage of a broken system.

In 2007, he was briefly detained by French police during a luxury vacation in the Alps. He was accused of bringing escorts to a party, but no charges were filed. The case added to his reputation as a flashy playboy billionaire, though he denied any wrongdoing.

Prokhorov’s Legacy

Mikhail Prokhorov’s story is about more than just money. He represents a generation of Russian oligarchs who turned political chaos into financial opportunity. In the U.S., he's remembered for his splashy entry into professional basketball. In Russia, he remains a symbol of how fast fortunes can be made—and questioned—in times of change.

Whether seen as a savvy businessman or a symbol of corruption, his impact on sports, business, and politics is undeniable.

Final Thoughts

Mikhail Prokhorov is a man who made billions by seizing the right opportunities at the right time. From post-Soviet privatization to American basketball, he has played bold and risky games across the globe. Love him or hate him, his story is a key chapter in understanding modern Russia and global capitalism.

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