The plan to relocate the team has been in the works for a while, and it looks like basketball commissioner David Stern is behind it. Read Full Story Russian billionaire Mikhail Prokhorov is making headlines because he is set to become the majority owner of the New Jersey Nets basketball team next year. He will be going forward with moving the franchise to Brooklyn as well.
In 1989, Prokhorov graduated from the Moscow Finance Institute.
From 1989–92, he worked in a management position at the International Bank for Economic Cooperation.
During the largely un-regulated privatization of former state-controlled industries after the collapse of the USSR, Prokhorov and Potanin (the latter by then a deputy prime minister who oversaw privatization) were able acquire the shares from the workers of Norilsk Nickel for a fraction of their estimated market value and seize ownership of the company.
When he departed in 2007, Prokhorov's share of the company was worth US $7.5 billion.
In 1994, Onexim became the depository and paying agent for Russian Treasury obligations, and in 1995, it became the authorized bank for the federal agency dealing with bankrupt enterprises.
In the 1990s, the Russian government needed loans to operate. Their Onexim bank ran auctions for the government, in which bidders won the right to loan the Russian government money.
He resigned both positions to enter politics in June 2011.
In December 2011, Prokhorov capped a year of higher-profile political activity in Russia with the December declaration that he would run as an independent candidate in the 2012 Russian presidential election.
Prokhorov first major financial success came at MFK, which became a depository institution for the government.
The bank acquired Soviet assets in the amount of US0 to US0 million.
Thereafter he shortly served as head of Management Board of the MFK bank (International Finance Company) and then the United Export-Import Bank (Uneximbank; akas: Onexim Bank; Oneksimbank), with Alexander Khloponin, a friend from college, and Vladimir Potanin, to whom he was introduced by Khloponin and who became his business partner.