When Russian billionaire Mikhail Prokhorov took over operating control
of the New Jersey Nets recently, he inherited a team hemorrhaging money.
The Nets lost $61 million last year alone, and Prokhorov absorbed a
debt of more than $180 million.
That’s the equivalent to a few cases of vodka for Prokhorov, the richest
man in Russia and the 39th wealthiest in the world, according to
Forbes’ most recent list.
Prokhorov knows little about the NBA, but a lot about business. LeBron
James likes business, too. Whether the two are a match won’t be
determined until next month. Despite being the league’s worst team last
season, the Nets have the cap space and are ready to pounce on James in
this summer’s elite free-agent class. Continue reading “Where will LeBron go? How about the Nets?” »