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The basketball side of the Nets' business is projected to have lost $144 million over the 2013-14 season, according to a confidential memo the league sent to all 30 teams in early June. (Grantland has reviewed and verified the memo with a half-dozen sources.) If that strikes you as out of whack, that's because it is.
The NBA expects nine teams will end up having lost money once luxury-tax distribution and revenue-sharing payments are finalized. The Nets, with that monster $144 million figure, are the biggest losers. Next in line? The Wizards, with projected losses of about $13 million. That's right: The Nets lost $131 million more than any other NBA team last season. This is what happens when you pay $90 million in luxury tax for an aging roster and play in a market so large you are ineligible to receive any revenue-sharing help.
Kidd's departure aside, the Nets are in murky financial waters, according to Grantland's Zach Lowe, who reports that owner Mikhail Prokhorov and general manager Billy King's careless spending and neglect of the league's luxury tax has left the team in the red to a massive degree
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Every time I think of Prokhorov, I can't help thinking of this commercial...
Its almost 15% wealth of most billionaires tbh
isnt he part of a russian mob or something, he probably has tons of cheese that isnt accounted for.Its almost 15% wealth of most billionaires tbh
140 mil in a year. Yeah that's chump change. I wouldn't be surprised if he pulls the plug on the nets.
It's about 15% of his entire worth tbh
Prokhorov is worth almost 11 billion. 140 million is just over 1% of his entire worth. He could lose that much for ten straight seasons and get bored and walk away without batting an eye.
Isnt it a limited liability corporation? Or does he really loses the money o.O I tot NBA teams were operated as a company
& Media walked him right to the rocks, smiling the entire way.
It's not operated as a corporation or LLC because it's not a publicly traded company. NBA teams are mostly run like partnerships - with multiple owners having a stake in the team to varying degrees. Mikhail Prokhorov is the majority owner of the Nets, thus he takes the biggest cuts or hits from any profits or losses, but those affect all of the owners.
Other minority owners of the Brooklyn Nets:
Jay-Z
Wilber Pan
Bruce Ratner
people sayin 15% that was a bit much, i dont think he gives a tbh.
Prokhorov don't give a . It's all champagne and yachts for him. Loss of this much money is one day of revenues for him.
He paid $260m 4 years ago for an 80% stake. The Clippers just got sold for $2b. He could probably get $1b for the team tomorrow. Dude is fine. Year-to-year operating losses don't mean to owners when the franchise net worth has double-digit growth year over year. That's why their argument in the CBA negotiations was total bull . Not only did they not show evidence of their y2y operating losses, they completely ignored the massive appreciation of their asset.
He also makes money on the arena and the surrounding real estate since he has deals on those so he didn't lose 140 million from that investment this year
I mean the basketball team lost that much but the arena and surrounding real estate he got as part of the deal brought back some significant money as far as I understand it
Yep, he probably still lost a little money, overall, but I'd imagine the total profit/loss is somewhere closer to breaking even than the 140 million loss..
What is so funny about an owner actually spending money to help better his team? If the NBA had more owners that weren't such pussies we'd have more than 4 teams that are compe ive.
Thought Jay Z sold his share a while back?It's not operated as a corporation or LLC because it's not a publicly traded company. NBA teams are mostly run like partnerships - with multiple owners having a stake in the team to varying degrees. Mikhail Prokhorov is the majority owner of the Nets, thus he takes the biggest cuts or hits from any profits or losses, but those affect all of the owners.
Other minority owners of the Brooklyn Nets:
Jay-Z
Wilber Pan
Bruce Ratner
Signing andrea blatche, andrea kirilenko and mummies of kg and pierce???? And hiring Kidd? That is bettering the team??????
This is a dumb post.
Did this year's finals not get your attention? Stock piling talent alone is not going to win you championships. You would make a ty owner if that's your thinking.
From what I could find, he sold part of his share to Kidd, but he is still listed as a partial owner.
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