clock menu more-arrow no yes mobile

Filed under:

Prokhorov Expects Nets to Make Money, Says Russian Aide

via <a href=""></a>

Mikhail Prokhorov's top sports advisor believes the Nets will eventually make money.  In spite of a long record of losses reaching as high as $60 million a year, Sergei Kushchenko told a Russian sports site, "from a business perspective, New Jersey is a very promising project."

Kushchenko, who ran CSKA Moscow for Prokhorov til 2008, said "all the levers exist to ensure that sports is really a business". Most Russian sports clubs are operated at a loss, with rich owners like Prokhorov footing the bill.  Kushchenko added that when CSKA played an exhibition game in Toronto against the Raptors a few years ago, the NBA team "earned $2.5 million just by selling food and drinks inside the arena."

Kuschenko, who now runs the Russian Biathlon Union for Prokhorov, said he had to decline an offer to join the Nets board, known as the Chairman's Council, because biathlon is too important for Russian sports. Prokhorov, who owns 80% of the team, controls three seats on the five member council.