News about Mikhail Prokhorov

Brooklyn Nets owner Joe Tsai has admitted he had 'no idea' how to be the owner of a sports franchise upon his initial investment into the team in 2017. Tsai, a Taiwanese-Canadian billionaire who co-founded e-commerce company Alibaba, bought 49 percent of the Nets seven years ago before fully taking over for previous owner Mikhail Prokhorov in 2019. And Tsai, by his own telling, didn't have much knowledge of the NBA before investing his billions into the Nets, in quotes first reported by NetsDaily.

Michael Jordan is dumping from an NBA team for the second time in his illustrious career. In 2001, Jordan sold his 10-percent interest in the Washington Wizards to obey NBA rules against player-owners as he began a forgettable comeback to the nation's capital. Despite the fact that the particulars of the sale have been lost to history, Statista.com values the Wizards at $278 million, which was fairly normal for the time. Now he's selling his majority interest in the Charlotte Hornets, a struggling small-market club that has only sold 89% of its home tickets this season (26th of 30 teams). They currently sit in 14th place in the Eastern Conference at 24-51, and are on their way to missing the postseason for the seventh straight season in a row.