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Wednesday, July 28th, 2010 at 9:30 am  |  14 responses

Prokhorov Hopes Nets Will Be Worth $1 Billion in 5 Years

Mikhail expects quite a healthy return on his investment in New Jersey. The NY Daily News (via Forbes) explains: “We all know about Mikhail Prokhorov’s goal of winning a title in five years. But he has another landmark to reach by 2015: to make the Nets worth $1 billion. According to excerpts of a recent Forbes magazine article in Russia, Prokhorov said the Nets will still operate at a deficit while in Newark. But once they move to Brooklyn, they’ll be making $20 million per season – ‘a conservative estimate,’ Prokhorov said. Here’s the translated excerpts, courtesy of the Nets. ‘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. 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 US came through Brooklyn. When I’ve travelled 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.’”

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  • AT33

    I hope they change the name to New York Brooklynites when they move. Then half of the people in the US will feel attached to them because they came through Brooklyn.

  • http://thekobebeef.wordpress.com LDR4

    Don’t tell David Stern that a team expects to make money. That completely refutes his CBA stance. I really do not think this Russian knows what he has gotten himself into. So basically he wants the Nets to be worth almost as much as either the Yankees or Cowboys. ($1.5 and $1.65 billion respectively) Maybe he should lay off the vodka…

  • http://www.slamonline.com wayno

    I think he forgot the part where he didn’t sign Lebron, D-Wade, or Bosh…At least he signed Travis Outlaw…

  • Celtics fan

    Learn the buisness first than talk to us who live here and really know what goes on. Hell the chicago bulls sell out all there games and arent worth a billion..

  • http://www.twitter.com/gerardhimself Gerard Himself

    LDR4: even though it’s unlikely the team will be that much worth in 5 years, I am quite sure Prokhorov DOES know what he gets himself into. This man is not an idiot, he likes basketball, but is a business man first.

  • underdog

    Good luck with that! Prokhorov needs crazy infation to have a Nets team that worth a 1 billion US dollars.

  • jose

    I laughed a bit at the thoughts of the nets winning in 5 years and of this too, but i can’t hate on this dude. Big russian is standing tall on these comments and its to the point where i possibly could believe him. 5 yrs is a long ways away so i’ll say for now i like this guys style

  • http://Yahoo.com Sergio Rodriguez

    The nets will be worth $1 after that five year period

  • bnets

    the dude is the richest owner in sports & 39th richest man in the world so i wouldn`t doubt it

  • http://twitter.com/HarryByrdMan44 LA Huey

    ……

  • total scrotal implosion

    1. Collect underpants(crappy team). 2. ?. 3. Profit

  • Jon

    Someones been smoking up.

    I think he forgot this isn’t CSKA Moscow (the football team) where you can forget about cap space and win the league by throwing euros onto the pitch. The NBA needs ridiculously stringent management to win a chip and every transaction from trades, free-agency and drafts has to be close to flawless.

  • http://www.twitter.com/TheDiesel Anton

    He once bought the Nets…and made them profitable. He is…the most interesting man in the world.
    Stay thirsty, my Nets.

  • http://minusthebars.blogspot.com Don

    “Hopes.”

    The truth of the matter – Prokhorov will lose and lose big with this business venture.

    David Stern duped the man.

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