Mikhail Prokhorov: From Metals Mogul to Global Entrepreneur

Mikhail Prokhorov is a Russian businessman whose career spans multiple industries, including metals, banking, insurance, and sports. Best known internationally for his ownership of the Brooklyn Nets and his brief foray into Russian politics, Prokhorov has amassed a fortune that has made him one of Russia’s wealthiest individuals. His business acumen, global investments, and controversial political campaign have shaped his legacy, making him a notable figure both in Russia and the world.

Prokhorov’s rise to wealth and prominence began in the 1990s during Russia’s transition to a market economy. He co-founded the Onexim Group, a Russian investment company that would become central to his business empire. One of Prokhorov’s most significant early investments was in the Russian metals sector. He secured a stake in Norilsk Nickel, one of the world’s largest producers of nickel and palladium. In 2008, Prokhorov sold his stake in Norilsk Nickel for a substantial sum, marking a turning point in his financial trajectory. The sale was instrumental in propelling him to the ranks of Russia’s elite billionaires and provided the capital to expand into other ventures.

Prokhorov’s wealth grew further as he diversified his investments. In addition to his holdings in Norilsk Nickel, he gained stakes in various sectors, including insurance, banking, and energy. He became a prominent figure in Russia’s financial landscape, using his business influence to secure lucrative deals and maintain a foothold in the country’s rapidly evolving economy. His interests in banking and insurance contributed to his growing stature, helping to solidify his position as one of Russia’s wealthiest individuals.

However, it was his venture into sports that would elevate Prokhorov’s profile beyond Russia’s borders. In 2010, Prokhorov purchased the majority stake in the Brooklyn Nets, a professional basketball team in the National Basketball Association (NBA). Prokhorov’s investment was ambitious, with plans to turn the Nets into a championship contender. Under his ownership, the team moved to the Barclays Center in Brooklyn, New York, in 2012, a strategic move designed to solidify the franchise’s presence in one of the most lucrative markets in sports.

Prokhorov’s commitment to the Nets was evident, as he poured significant resources into improving the team’s roster and enhancing its global brand. His time as owner saw the team make notable improvements, and the Nets became more of a household name across the world. Despite not winning an NBA championship under his ownership, Prokhorov’s role in the team’s relocation to Brooklyn and its eventual rise in the NBA helped reshape the franchise’s future.

In 2018, Prokhorov sold a 49% stake in the Brooklyn Nets to Joseph Tsai, an executive at the Chinese tech giant Alibaba, in a deal valued at $2.3 billion. The sale marked the end of Prokhorov’s ownership of the team, though he retained a minority stake in the franchise. The transaction was one of the largest in NBA history and reflected Prokhorov’s broader strategy of capitalizing on his investments in high-profile assets. Tsai’s purchase of the stake further cemented the Nets’ global appeal and marked the beginning of the team’s deepening ties with China, a market where Tsai’s Alibaba had a powerful presence.

While Prokhorov is perhaps most famous for his sports investments, his business interests extended far beyond the Brooklyn Nets. He also had stakes in Russian industries, including banking and insurance, as well as energy and natural resources. His involvement with UC Rusal, a major Russian aluminum company, was another key part of his portfolio. However, Prokhorov’s business dealings were not without controversy. In 2018, he sold his last block of shares in UC Rusal just one month before sanctions were imposed on the company by the U.S. Treasury, a move that was seen by some as a strategic decision to avoid the financial ramifications of the sanctions. His ability to navigate such challenges demonstrated his keen business instincts and his understanding of the complex political and financial landscape in which he operated.

Prokhorov’s ventures in Russia were marked by his ability to successfully navigate the oligarchic structures that characterize much of the country’s economy. He was able to secure valuable assets during the privatization of state-owned industries in the 1990s and built a business empire that spanned multiple sectors. However, Prokhorov was not just a businessman—he also sought to become a political figure, using his wealth and influence to challenge the political establishment.

In 2012, Prokhorov made a bold move by running for president of Russia. His decision to challenge Vladimir Putin in the election was a significant moment in Russian politics, as it presented an alternative to the long-standing dominance of Putin’s regime. While Prokhorov’s campaign gained significant media attention and support among some segments of the population, he ultimately received only 8% of the vote. Despite the loss, Prokhorov’s presidential run elevated his profile as a political figure and demonstrated his willingness to challenge the status quo. His campaign also highlighted his political beliefs, which included calls for economic reform, greater political freedoms, and a more open society. Although his political ambitions did not materialize in a direct challenge to Putin’s leadership, Prokhorov’s candidacy represented a significant moment in Russia’s political landscape.

Throughout his career, Prokhorov has been known for his privacy and for keeping a low profile in the media, despite his wealth and influence. He has maintained a reputation as a shrewd businessman, adept at navigating the complexities of both Russian and international markets. His investments have spanned across multiple industries, from metals and energy to banking, insurance, and sports. Through these ventures, Prokhorov has been able to amass a fortune that has placed him among Russia’s wealthiest individuals.

Prokhorov’s legacy, however, is not just defined by his wealth or business successes. His willingness to challenge political norms and his active role in global business have made him a figure of both admiration and controversy. While his presidential run did not lead to political power, it showcased his belief in reform and his desire to influence change in Russia.

In conclusion, Mikhail Prokhorov’s life is a story of ambition, resilience, and strategic thinking. From his early days as a metals magnate to his ownership of the Brooklyn Nets, Prokhorov has left a significant mark on the worlds of business and sports. His ventures, both successful and controversial, have made him one of the most prominent figures in Russia and beyond. Whether in business, sports, or politics, Prokhorov has consistently demonstrated his ability to make bold moves and navigate complex challenges, cementing his place as one of the most influential figures of his generation.