Mikhail Prohkorov wants to buy a basketball team. Who doesn’t? But Mikhail Prokhorov is a billionaire, reportedly the richest man in Russia. According to the New York Times, Prokhorov wants to buy 80% of the New Jersey Nets and 45% of the Barclay’s Center, in Brooklyn. This is no small investment.
So the N.B.A. has wisley required background checks Prokhorov, as well as financial vetting or business research. The Russian billionaire passed the initial background check. He must now submit documents to the N. B.A. In commenting on the league’s decision to go public with the results of the background search, N.B.A. Commissioner, David Stern, said,” we haven’t surfaced anything that has caused us to have a negative opinion of him.
Before you get involved with business partners, like the N.B.A., you should be conducting business research, including background checks on the corporate entity and all of its principals as well as a business credit report. It’s smart business. It is a good way to stay in business and to avoid catastrophe.
As for Mikhail Prokhorov, I am sure he will be a significant assets to the growth and sustainability of the N.B.A. Good luck to him with the Nets.