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Mikhail Prokhorov's net worth increased $115 million on Thursday...more than anyone else's did, reports Forbes. In the last six weeks, he's committed a third of a billion dollars to the Nets push for a championship. When recently asked by Crain's about an onerous luxury tax tab, he responded, "I am only interested in what will bring us a championship team."
Sounds like the very definition of profligate spending. But Bloomberg Business Week reports he won't have to do much to beat the team's recent record of "smart spending." It ranks the Nets 115th out of 122 professional sports teams over the last five years, before this summer's spending spree!, That's based on wins per dollars spent. Despite having an annual payroll not far below the league average, the Nets on-court success was way below the league average.
The Nets ranked just above the Knicks. Smartest NBA spender? Bloomberg says it's the Lakers. Dumbest? The Timberwolves!
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Smartest Spenders in Sports - Ira Boudway, Ritchie S. King, Jennifer Daniel, and Paul Franzen - Bloomber Business Week