Mikhail Prokhorov, Russian businessman

Mikhail Dmitrievich Prokhorov (Russian: Михаил Дмитриевич Прохоров, IPA: [mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf], born on May 3, 1965) is a prominent figure whose career trajectory spans the high-stakes worlds of global finance, Russian politics, and even American professional sports. Widely recognized as a Russian oligarch, billionaire, and politician, he is perhaps best known internationally as the former owner of the National Basketball Association’s (NBA) Brooklyn Nets. His remarkable journey from the economic upheavals of post-Soviet Russia to becoming a globally recognized entrepreneur and public figure offers a fascinating glimpse into the dramatic shifts of the late 20th and early 21st centuries.

The Ascent of an Oligarch: Post-Soviet Privatization and Wealth Accumulation

Prokhorov's initial ascent to immense wealth was intricately linked to Russia's controversial "loans-for-shares" privatization program during the 1990s. Following the dissolution of the Soviet Union, the newly formed Russian state embarked on a massive effort to privatize its vast industrial assets. Through this program, which involved state-owned enterprises being offered as collateral for loans to the government and then often ending up in the hands of the lenders, Prokhorov, like many others who would come to be known as oligarchs, acquired significant stakes in state-owned metals companies. These assets were obtained at prices widely considered to be far below their true market value. This period, often criticized for its lack of transparency and for creating a small class of immensely wealthy individuals, laid the foundation for his future industrial empire and placed him at the heart of Russia's rapidly evolving market economy.

Business Ventures and Financial Standing

One of the crown jewels of Prokhorov's business portfolio was Norilsk Nickel, which, under his influence, grew into the world's largest producer of both nickel and palladium—critical elements for numerous industrial and technological applications. His leadership transformed it into a global powerhouse in the metals sector. He also served as the former chairman of Polyus Gold, which stands as Russia's largest gold producer, further cementing his influence in the nation's natural resource industries. Additionally, he was the former President of Onexim Group, his primary investment vehicle managing a diverse array of assets across various sectors, from finance and media to innovative technologies.

His substantial wealth has consistently placed him among the world's richest individuals. As of December 1, 2021, the Bloomberg Billionaires Index estimated his net worth at US$14.0 billion, listing him as the 148th richest person globally. Forbes Magazine, at a similar time, listed his wealth at US$11.5 billion, ranking him as the 193rd richest person in the world. These figures, while subject to market fluctuations, underscore his enduring financial prominence.

Foray into Politics

In a significant shift from his business pursuits, Mikhail Prokhorov ventured into the political arena. In 2011, he announced his intention to run as an independent candidate in the 2012 Russian presidential election. Despite being a political newcomer, he garnered considerable attention and ultimately secured third place in the voting, amassing 7.94 percent of the total vote. His campaign was characterized by a pro-business, liberal platform that appealed to a segment of the Russian electorate. Following his presidential bid, in June 2012, Prokhorov declared the establishment of a new Russian political party named Civic Platform, aiming to offer an alternative voice in the country's political landscape.

Beyond Business and Politics: The Brooklyn Nets Era

Beyond the boardrooms of Moscow and the political rallies, Prokhorov gained significant international recognition as the former owner of the National Basketball Association's (NBA) Brooklyn Nets. His acquisition of the New Jersey Nets in 2010 and their subsequent rebranding and relocation to Brooklyn in 2012 marked a high-profile and ambitious foray into American sports. He brought a unique blend of Russian entrepreneurial drive and a desire for global brand presence to the NBA, investing heavily in the team and their new arena, the Barclays Center. His ownership, while ultimately temporary, showcased his global reach and eclectic interests, adding a distinct chapter to his multifaceted public life.

Frequently Asked Questions about Mikhail Prokhorov

Who is Mikhail Prokhorov?
Mikhail Prokhorov is a Russian billionaire, oligarch, and politician born on May 3, 1965. He is known for his extensive business ventures in metals and mining, his political career, and his former ownership of the NBA's Brooklyn Nets.
How did Mikhail Prokhorov accumulate his wealth?
Prokhorov accumulated his wealth primarily through the acquisition of state-owned metals assets during Russia's controversial "loans-for-shares" privatization program in the 1990s, following the collapse of the Soviet Union. He obtained these assets at prices well below market value.
What prominent companies has he been involved with?
He was the former head of Norilsk Nickel, which became the world's largest producer of nickel and palladium. He also served as the former chairman of Polyus Gold, Russia's largest gold producer, and was the former President of Onexim Group, his primary investment firm.
Did Mikhail Prokhorov run for political office?
Yes, he ran as an independent candidate in the 2012 Russian presidential election, where he placed third with 7.94 percent of the vote. Following this, he founded the Civic Platform political party in June 2012.
What was his connection to the Brooklyn Nets?
Mikhail Prokhorov was the former owner of the National Basketball Association's (NBA) Brooklyn Nets. He acquired the team in 2010 and oversaw their relocation and rebranding, bringing significant international attention to his involvement in American professional sports.