Buzz
Russian billionaire Mikhail Prokhorov seems to have finalized an agreement to purchase the struggling New Jersey Nets. But what’s the backstory of Prokhorov? After some research, we’ve uncovered five fascinating details about the man poised to become the NBA’s newest owner.
1. His Career Began in the Denim Industry
Acquiring an 80% stake in the Nets for a reported $200 million might strain most budgets, but Forbes recently estimated Prokhorov’s liquid assets to exceed $5 billion. Unlike many ultra-wealthy individuals, he didn’t inherit his fortune. Instead, his entrepreneurial journey began with a venture into the jeans business.
While Prokhorov’s parents weren’t wealthy, they were highly intelligent. His mother led a polymer research department at the Moscow Chemicals Institute, and his father managed a laboratory. Prokhorov excelled academically and graduated from the Moscow State Institute of Finance. In 1989, he joined the International Bank for Economic Cooperation. He then invested in a venture emblematic of the late 80s: an acid-washed jeans company. The success of this denim enterprise propelled him further up the financial ranks.
2. A Master of the Metals Industry
While Prokhorov initially gained recognition in finance, his true fortune was built in mining. In 1993, he acquired Norilsk Nickel during Russia’s post-Communism privatization wave, transforming it into a powerhouse in natural resources. A key move was his investment in specialized Finnish ships capable of transporting metals across the Arctic without icebreakers.
Under Prokhorov’s leadership, Norilsk Nickel grew exponentially. In 2005, he separated its gold mining assets into a new entity, Polyus Gold, now valued at approximately $8 billion. Prokhorov remains the chairman of Polyus Gold’s board. He stepped down as CEO of Norilsk Nickel in early 2007, selling his shares for $7.5 billion.
3. A Legendary Party Host
In 2007, Prokhorov faced legal trouble in France after hosting a lavish two-week Christmas celebration for fellow Russian elites at his Courchevel ski chalet. This wasn’t a typical noise complaint—authorities arrested him on suspicion of arranging for prostitutes to be flown in from Moscow to entertain his guests.
A police raid on the hotel hosting many of Prokhorov’s guests led to 26 arrests, including Prokhorov and seven young Russian women in their 20s. Prokhorov claimed these women were simply friends he had met at Moscow nightclubs. He explained that he had flown them in for the event and covered all expenses, expecting nothing in return but their companionship. The billionaire told authorities he enjoyed the company of intelligent women, stating, "To stay young, you have to be surrounded by youth and beauty." After determining none of the women were professional escorts, the police released everyone without pressing charges.
One of the most memorable remarks about the incident came from Nicolas Sarkozy, then a presidential candidate. Upon hearing about the allegations, Sarkozy joked, "There’s a man who wants to please."
4. A Man Who Enjoys a Wager
At 44 years old, with striking looks and a net worth estimated at $9 billion, Prokhorov is often considered Russia’s most eligible bachelor. The Russian media closely follows his romantic escapades, which reportedly include a relationship with supermodel Naomi Campbell.
Despite the European media frenzy, Prokhorov’s birthday came and went without any wedding announcements, leaving the true nature of his love life shrouded in mystery.
5. A Passionate Sports Enthusiast
Prokhorov’s interests extend beyond basketball. Earlier this summer, rumors circulated that he might acquire the Italian soccer club AS Roma. While the team has denied any sale, speculation persists that Prokhorov could venture into soccer. Forbes also highlights his love for kickboxing.
'5 Things You Didn't Know About...' typically runs on Fridays, but we’ve moved it up this week. Catch up on previous editions here.
