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Forbes says Prokhorov's net worth has declined

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Mike Stobe

Forbes is out with its annual list of billionaires and according to its estimates, Mikhail Prokhorov is now worth only $10.9 billion, putting him 109th on Forbes list. That would be a big dropoff from three years ago when Forbes put his net worth at $18 billion.

Prokhorov, who Forbes last year estimated had a net worth of $13 billion, ranks second to Paul Allen in the NBA's richest owners. However, Dmitry Razumov, Prokhorov's No. 2, told a Russian business publication a year ago that number could be as high as $15 billion, which would equal Allen's wealth.

Forbes doesn't detail how it figured Prokhorov's wealth, but he has had some setbacks lately. His Yo! mobile, a hybrid gas-electric car for the masses, is on hold. He's had to re-organize his investment banking firm, Renaissance Capital. But his investment in the Nets is among his best over the last five years.

In that same interview with Kommersant, Razumov said Prokhorov and he enjoy the Nets, but wouldn't be spending so much if it wasn't a good business.

"This is certainly fun. But we would not have gotten carried away if it did not bring money," said Razumov, who has worked closely with Billy King. Indeed, according to Forbes the Nets are now the NBA's fifth most valuable franchise, worth nearly $800 million. Prokhorov put down $223 million in cash in 2010 for his interest in the team and Barclays Center.