Mikhail Prokhorov facts for kids
Quick facts for kids
Mikhail Prokhorov
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| Михаил Прохоров | |
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Prokhorov in 2013
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Mikhail Dmitrievich Prokhorov
3 May 1965 Moscow, Russian SFSR, Soviet Union
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| Citizenship | Russia, Israel |
| Alma mater | Moscow Finance Institute |
| Occupation | Businessman, Politician |
| Known for | Owner of the ONEXIM Group and the Brooklyn Nets (2010–2019) |
| Height | 6 ft 8 in (2.03 m) |
| Political party | CPSU (1988–91) Right Cause (2011) Civic Platform (2012–15) |
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Mikhail Dmitrievich Prokhorov (Russian: Михаил Дмитриевич Прохоров; born 3 May 1965) is a successful businessman and politician from Russia and Israel. He is known for owning the Brooklyn Nets basketball team for a time.
After the Soviet Union ended, Prokhorov became involved in buying state-owned companies in Russia. His company, Norilsk Nickel, grew to be the world's largest producer of nickel and palladium. He also used to be in charge of Polyus Gold, which is Russia's biggest gold producer. He was also the President of ONEXIM Group. As of December 2021, he was one of the richest people in the world.
In 2011, Prokhorov decided to run for president in the 2012 Russian presidential election. He finished third in the election. In 2012, he started a new political party in Russia called Civic Platform. In April 2022, Prokhorov moved to Israel and became an Israeli citizen.
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Early life and education
Mikhail Prokhorov was born in Moscow, which was then part of the Soviet Union. His parents were Tamara and Dmitri Prokhorov. His grandparents on his father's side were farmers who faced difficulties during the Soviet era. His father, Dmitri, became a lawyer and worked in international relations for the Soviet sports committee. His mother, Tamara, was an engineer who worked on materials.
Mikhail has an older sister named Irina. She now helps run his charity organizations and a publishing house. Mikhail's parents both passed away when they were in their late 50s.
In 1989, Mikhail graduated from the Moscow Finance Institute. After college, he worked in banking. He worked at the International Bank for Economic Cooperation and later became a leader at MFK bank. In 1993, he helped start a new bank called United Export-Import Bank (Uneximbank) with his college friend Alexander Khloponin and business partner Vladimir Potanin.
Business ventures
In 1992, when he was 27, Prokhorov teamed up with Vladimir Potanin to create a company called Interros. Through Interros, they bought Norilsk Nickel in 1995. This company is one of Russia's largest for mining and processing nickel and palladium. They were able to buy shares of the company during a time when many state-owned businesses were being privatized. When Prokhorov left Norilsk Nickel in 2007, his share was worth a lot of money.
Prokhorov's first big success was with MFK bank. This bank handled government funds and helped acquire Soviet assets. Later, he became the chairman of Onexim Bank, which worked with large clients in industries like oil, gas, chemicals, and metals.
During the 1990s, the Russian government needed money. Prokhorov's Onexim bank helped the government by running auctions where banks could loan money to the government. In return, the government offered shares in newly privatized companies as security for these loans. When the government could not repay the loans, Onexim gained ownership of these company shares. This is how Onexim acquired a large stake in Norilsk Nickel.
In 2011, Prokhorov stepped down from his roles as Chairman of Polyus Gold and President of the ONEXIM Group to focus on politics.
Norilsk Nickel operations
After taking over Norilsk Nickel, Prokhorov worked to make the mining operations more modern. He invested in new ships that could transport metal through the frozen Arctic without needing icebreakers. Norilsk Nickel is based in Moscow. The company has worked to improve environmental conditions and reduce pollution in its mining areas.
Prokhorov also turned Norilsk's gold-mining parts into a separate company called Polyus Gold, which became Russia's largest gold producer. In 2003, he bought Stillwater Mining, which was his first international business deal. He left his role as CEO of Norilsk Nickel in 2007.
ONEXIM Group investments
In May 2007, Prokhorov started his own private investment fund called ONEXIM Group. At the time, it had assets worth billions of dollars. In 2008, Prokhorov sold his shares in Norilsk Nickel to another mining company, United Company RUSAL. This deal was very successful for him because soon after, the value of many Russian companies dropped sharply.
ONEXIM Group has invested in many different areas. In 2008, it bought 50% of Renaissance Capital, a big Russian investment bank. ONEXIM also bought a small bank and renamed it IFC. One of ONEXIM Group's main goals is to develop nanotechnology, which involves creating very tiny structures for use in energy and medicine. They bought a company called Optogan in 2008 to help with this.
In 2007, the Russian Prime Minister created a council for nanotechnology, and Prokhorov was one of the people chosen to be on it. ONEXIM Group also has interests in mining, financial services, and real estate. In 2022, ONEXIM Group sold most of its shares in an energy company called Quadra.
International ventures and support
Mikhail Prokhorov has made several investments outside of Russia. In Israel, he owns two private hospitals. He has even helped friends get medical treatment there.
In 2004, Prokhorov started the Cultural Initiatives Foundation, which is part of the Mikhail Prokhorov Foundation. His sister, Irina, leads this foundation. He has also supported sports teams like CSKA Moscow's basketball, hockey, and football clubs. He is the president of the Russian Biathlon Union and enjoys jet skiing. He can even do a backflip on a jet ski!
In 2009, he made an offer to buy a large part of the New Jersey Nets basketball team, which is part of the National Basketball Association. He also wanted to buy half of a project to build a new arena in Brooklyn, New York. In May 2010, the NBA approved the sale, making him the main owner of the team with an 80% share. He also got a 45% share in the new Barclays Center arena.
He was the first team owner in the NBA who was not from North America. In April 2012, the team officially moved to Brooklyn and became the Brooklyn Nets.
In October 2017, Prokhorov agreed to sell 49 percent of the Brooklyn Nets to a businessman named Joseph Tsai. In September 2019, Prokhorov sold his remaining 51 percent of the Nets to Tsai. This sale was very profitable for Prokhorov. He also controls Sensorium Corp, a virtual reality company.
Russian politics
In May 2011, Prokhorov announced that he would join the leadership of a Russian political party called Right Cause. He was elected to lead the party in June 2011. At that time, he spoke about improving Russia's development. However, in September 2011, Prokhorov left the party.
In 2014, Prokhorov considered moving the ownership of his Brooklyn Nets shares to one of his Russian companies. This was to follow a new Russian law that said politicians should not have foreign assets.
In 2016, Prokhorov's media group, RBC Media, published articles about some financial information. After this, the offices of ONEXIM were searched by government officials. Some journalists from RBC Media were later fired.
In June 2012, he became the leader of the Civic Platform Party. He resigned from this role and left the party in 2015.
2012 presidential campaign
In December 2011, after the parliamentary elections, Prokhorov announced he would run for president in the 2012 Russian presidential election as an independent candidate. He called it a very important decision. He gathered the necessary signatures to be allowed to run. Prokhorov said his campaign would focus on what he would do, rather than just criticizing others.
In the election on 4 March 2012, Prokhorov received 7.98% of the votes. He stated that he knew the elections were not completely fair, and that one candidate was clearly favored.
Personal life
Mikhail Prokhorov has never been married. He was engaged twice in the past. When he bought the Nets, he joked that he would get married if the team did not win the NBA championship within five years. However, in 2015, he took back this promise.
Awards and recognition
In August 2006, Mikhail Prokhorov received the Order of Friendship from the President of the Russian Federation, Vladimir Putin. This award recognized his important contributions to Russia's economy. In March 2011, he was also given the French Legion of Honour, which is a very high award from France.
See also
In Spanish: Mijaíl Prójorov para niños
- List of billionaires
- List of Russian billionaires
- Ё-mobile
