Mikhail Prokhorov on the Nets Losing $144 Million: ‘It’s Not a Big Deal’

Brooklyn Nets owner Mikhail Prokhorov spoke to the local media for the first time Monday night since January, and he more than made up for his 10-month absence.

Prokhorov shrugged off Jason Kidd’s shocking departure to Milwaukee. He talked about why trading for veterans Paul Pierce and Kevin Garnett was good for business, and said he’s not losing any sleep over having lost a record $144 million in basketball-related operations last season.

Prokhorov isn’t looking to sell his majority stake in the Nets, but remains committed to his five-year plan to win a championship (though he backed off his marriage commitment/punishment should Brooklyn not raise the Larry O’Brien trophy next June.)

Per the NY Daily News:

“My position is that I will not give up control of the team,” he said. “But you know, I am quite happy when somebody sending me a nice offer without taking my control of team. I think, for the time being, nothing is imminent, but still I think it’s not bad just to listen. […] We have a lot of proposals to buy minority shares but it’s my desire to just listen.”


“I think we did a very good deal, and it was a great investment in the Brooklyn brand,” he said about the trade for Garnett and Pierce. “So I think you know that for me it was very important to invest some money to make the team better, and to invest some money in Brooklyn Nets brand. Because as soon as we moved to New York, it was a great lift for us, from a business point of view, but of course you have to invest to be like the top teams of the NBA. But if you look on the market cap, I think my investment’s minimum five, six times now more than I spent. So I have a nice get.”


Despite Prokhorov’s gloating about the investment, the Nets lost $144 million last year in the basketball operations department – by far the most in the NBA. […] The Russian essentially laughed off the losses. […] “It’s not a big deal just because I personally compensated this money from my pocket and that’s why I will keep the structure for the time being,” he said.


And what about his plan to punish himself with marriage if the Nets fail to win a title this season? […] “Between me and you, I haven’t started researching for the new wife,” the bachelor said. “I stay committed to championship. And by the way, we have lost George Clooney. I think it’s enough for this year.”