Mikhail Prokhorov expects his investment in the Nets (and Barclays Center) to be worth $1 billion by 2015. That may seem to be a pipe dream but after a year, says Forbes, the value of the team alone has jumped 16% with him in charge, going from $269 million to $312 million. He's also reduced operating losses from $14 million to $10 million.
The team ranks #21 in the Forbes list (the Knicks are #1). The magazine reports that Prokhorov invested $293 million in the team which seems a bit low, considering he laid down $200 million for 80% of the team and 45% of a $900 million Brooklyn arena; agreed to take on $177 million in corporate debt and eat up to $60 million in losses in New Jersey, not to mention buying $76 million in junk bonds to finance arena infrastructure.
On the other end of the wealth scale, fans can see Nets games for less than a dollar, using StubHub. As the Times reported Wednesday, "For slightly less than the $2.50 cost of a single-ride MetroCard, a basketball fan could have treated himself and 21 of his friends to an NBA game Monday night in Newark".
- The NBA’s Most Valuable Teams - Mike Ozanian - Forbes
- #21 New Jersey Nets - Mike Ozanian - Forbes
Knicks top Forbes list of NBA's most valuable franchises - AP
Cavaliers at Nets? Priceless (Almost) - Benjamin Hoffman - New York Times