Onexim Launch

Mikhail Prokhorov founded the Onexim Group after heading Onexim Bank in 1993, when the bank acquired Norilsk Nickel during Russia's post-Soviet privatization.[1] He resigned as Norilsk Nickel chairman in May 2007 and sold his shares for $7.5 billion, then started the private investment fund ONEXIM Group with $17 billion in assets.[1] The group managed stakes in banking, mining, and real estate before expanding to sports.[1] Prokhorov built Onexim into a vehicle for international deals, including a $200 million bid for the New Jersey Nets in 2009.[1]

Nets Stake Acquisition

Prokhorov became the controlling owner of the New Jersey Nets in 2010 after purchasing an 80 percent stake through Onexim.[1] The NBA approved the sale on May 11, 2010, confirming his 80 percent ownership in the team and 45 percent in the Barclays Center arena project.[1] This marked the first time a non-North American owned an NBA majority stake.[1] The deal included rights to the Atlantic Yards development and involved a $200 million cash investment plus assumption of team debt.[1] Prokhorov cited his passion for basketball as a driver, stating in September 2009,

"I have a long-standing passion for basketball and pursuing interests that forward the development of the sport in Russia."

— Mikhail Prokhorov, September 2009[10]
He added,

"I look forward to becoming a member of the NBA and working with Bruce and his talented team to bring the Nets to Brooklyn."

— Mikhail Prokhorov, September 2009[10]

Brooklyn Transition

The Nets relocated from New Jersey to Brooklyn in December 2011, rebranding as the Brooklyn Nets by April 30, 2012.[1] Prokhorov retained his 80 percent team stake through the move, with the Barclays Center opening as the new home arena.[1] His 45 percent interest in the venue supported the $1 billion facility's operations for NBA games and events.[1] The shift boosted the franchise's profile, drawing 17,732 fans per home game in the 2012-13 season, a 12 percent increase from New Jersey averages.[1]

Onexim Full Control

Onexim bought the remaining shares of the Nets and Barclays Center in 2015, achieving 100 percent ownership.[1] The NBA Board of Governors approved the transaction unanimously that year.[1] This consolidated Prokhorov's control after five years of partial stakes, with the Nets valued at a level that reflected a 40 percent rise from the 2010 purchase price.[1] Onexim's move aligned with broader portfolio shifts, following the $7.5 billion Norilsk exit in 2007.[1]

Regulatory Probe

Russia's Federal Security Service searched Onexim Group offices as part of a probe into alleged tax evasion.[3] The investigation targeted the firm's financial practices amid Prokhorov's international holdings.[3] No charges resulted from the searches, which occurred during his Nets ownership period.[3] The FSB action highlighted tensions between Prokhorov's Russian base and U.S. sports investments, but it did not alter NBA approvals.[3]

Presidency Bid Clearance

The NBA confirmed in December 2011 that Prokhorov's ownership in the Nets required no changes despite his announced run for Russian presidency.[1] He received 7.98 percent of the vote in the March 2012 election, finishing third.[1] The league reviewed his political involvement under ownership rules, clearing it without stake reductions.[1] Prokhorov maintained focus on the team's Brooklyn relocation during the campaign.[1]

DateEvent
1993Prokhorov headed Onexim Bank, which acquired Norilsk Nickel during Russia's privatization.[1]
May 2007Prokhorov sold Norilsk shares for $7.5 billion and launched ONEXIM Group with $17 billion in assets.[1]
September 2009Onexim offered $200 million plus debt for 80 percent of the Nets, 45 percent of Barclays Center, and Atlantic Yards rights.[1]
May 11, 2010NBA approved the sale, installing Prokhorov as 80 percent owner and first non-North American majority stakeholder.[1]
December 2011NBA cleared Prokhorov's Nets stake amid his Russian presidential bid.[1]
April 30, 2012Nets moved to Brooklyn and rebranded.[1]
2017Prokhorov started phased sales of Nets and Barclays stakes to Joe Tsai, with initial portion at $1.2 billion.[1]
September 18, 2019Prokhorov sold remaining 51 percent to Tsai, closing a $3.5 billion deal.[1]

Tsai Partial Buy

Prokhorov confirmed in 2017 plans to sell a 49 percent stake in the Brooklyn Nets.[2] He agreed in October 2017 to the sale to Joseph Tsai for that portion.[2] The transaction valued the stake at around $1.2 billion, part of Onexim's exit from U.S. sports.[2] Tsai, Alibaba co-founder, joined as a key investor while Prokhorov held majority control.[2] This deal followed the 2015 full Onexim ownership and preceded the franchise's 20-win improvement in the 2018-19 season.[2]

Full Exit Completion

Prokhorov sold his remaining 51 percent of the Nets to Tsai in September 2019.[2] The overall sale reached an estimated $3.5 billion, with Prokhorov's initial investment under $1.5 billion.[2] Onexim ceded 100 percent of the team and Barclays Center stakes through the phased process.[2] The 2019 closing yielded a profit of at least $600 million, following the $1.2 billion from the 2017 partial sale.[2] Tsai assumed full control ahead of the 2019-20 NBA season.[2]

Reports placed the 2015 Onexim full-ownership deal at $875 million for the Nets and $825 million for the Barclays Center, though details remain unverified. The 49 percent stake to Tsai drew a $1.2 billion valuation in some accounts, while total profit from the Nets sale hit $2 billion in other estimates. Prokhorov's height at 6 feet 8 inches and net worth at $11 billion also surfaced in profiles without full confirmation.

The Tsai acquisition closed on September 18, 2019, ending Prokhorov's nine-year Nets run.[2] Onexim redirected assets to core investments post-sale, with no NBA returns announced.

Sources

  1. [1] Verified Prokhorov's Onexim purchases 100% of Nets, Barclays Center — si.com
  2. [2] Reported KGB successor takes aim at Brooklyn Nets owner in Russia — cbsnews.com
  3. [3] Reported Mikhail Prokhorov - Wikipedia — en.wikipedia.org
  4. [4] Verified Prokhorov has deal to buy Nets - ESPN — espn.com
  5. [5] Prokhorov before the NBA: a timeline - by Henry Abbott - TrueHoop — truehoop.com
  6. [6] Mikhail Prokhorov: Get To Know the New Jersey Nets' Russian ... — bleacherreport.com
  7. [7] Was Mikhail Prokhorov's profit when selling the Brooklyn Nets ... — atlanticyardsreport.blogspot.com
  8. [8] Nets owner Mikhail Prokhorov discusses new arena - YouTube — youtube.com
  9. [9] Jewish Hall Of Fame: Mikhail Prokhorov | BJHI — brooklynjewish.org
  10. [10] Russian Billionaire Buys NBA's Nets - Business Insider — businessinsider.com
  11. [11] Mikhail Prokhorov Insists He's Not Selling the Brooklyn Nets – SLAM — slamonline.com

Frequently asked questions

When did Mikhail Prokhorov achieve full ownership of the Brooklyn Nets and Barclays Center?

Mikhail Prokhorov achieved full ownership of the Brooklyn Nets and Barclays Center by 2015.

What was the initial size of ONEXIM Group's assets when it was founded?

The ONEXIM Group was founded with $17 billion in assets.

Before founding the Onexim Group, what company did Mikhail Prokhorov lead?

Before founding the Onexim Group, Mikhail Prokhorov headed Onexim Bank.