Mikhail Dmitrievich Prokhorov is a Russian-Israeli businessman and politician known for his significant influence in both the business world and the sports industry. He was notably the former owner of the Brooklyn Nets, an NBA team.
After the collapse of the Soviet Union, Prokhorov acquired state-owned metals assets in Russia through the controversial loans-for-shares privatization program. This program allowed him to purchase these assets at prices significantly below their market value, setting the foundation for his wealth.
In 2018, Prokhorov made headlines by selling a 49% stake in the Brooklyn Nets to Joseph Tsai, an executive at Alibaba. The deal was valued at $2.3 billion, marking one of the most significant transactions in sports team ownership.
A substantial portion of Prokhorov’s wealth came from the sale of his stake in Norilsk Nickel, a major player in the metals industry. This sale occurred in 2008, significantly boosting his financial portfolio.
Beyond metals, Prokhorov has invested in various sectors within Russia, including insurance and banking. His diversified investments reflect his broad business acumen and strategic approach to wealth management.
Prokhorov also ventured into politics. In 2012, he ran against Vladimir Putin in Russia’s presidential race. Though he did not win, he secured 8% of the vote, a notable achievement for a political newcomer challenging an established leader.
In a strategic move, Mikhail Prokhorov sold his remaining shares in UC Rusal, an aluminum company, just one month before the US Treasury imposed sanctions on the company. This decision showcased his ability to navigate and anticipate market and political risks effectively.
