Was Mikhail Prokhorov's profit when selling the Brooklyn Nets & arena company "only" $600 million? Even so, he's still the big Atlantic Yards winner.

How much profit did Russian oligarch Mikhail Prokhorov make in selling the Brooklyn Nets and Barclays Center operating company to Alibaba billionaire Joe Tsai, in two phases, starting in 2017 and ending in 2019?

Well, we've never had firm numbers, especially since there were multiple components to the bottom line, including team and arena operations and payrolls, debt, and investment in a new training center.

Slate estimated the profit at $2 billion. So did a contributor to Forbes Russia. At various points, NetsDaily estimated $1 billion as well as $2 billion.

I noted reports between $1 billion and $2 billion, but also pointed out an otherwise disregarded element of the deal, which involved Prokhorov immediately giving up $345 million, which later translated into a Tsai rebate of about $300 million.

That should've diminished the total paid, variously reported as between $3 billion and $3.3 billion.

Just $600 million?

Over time, more details seep out, and now there's evidence that the profit was "only" $600 million.

On May 9, NetsDaily (aka the well-sourced journalist Bob Windrem) tweeted:

Told the final profit [Mkhail] Prokhorov generated in his nine years as Nets owner, even with substantial investments, operating losses, etc, topped $600M. That number could easily be topped in future other teams which is big reason why you might see franchises go up for sale.

I asked, "How solid do you feel this information is?"

His response: "Very."

That's still a huge profit and a sign that Prokhorov, so far, is the big winner in the Atlantic Yards saga.

New profit possible

Yes, increasing media rights and other sources of revenue, plus the attraction of a scarce commodity, will keep team prices rising.

For Tsai, as I've written, the opportunity to sell a slice of the team and arena company to the David Koch family, without giving up any control, could mean a big payday and a significant profit. 

If Tsai sells 10-15% of BSE Global holdings at a valuation of $4.8 billion, that would not only mark an astonishing rise in value, most recently estimated at under $4 billion, but that $480-$720 million would more than make up for some of the losses he's absorbed running the arena (and the team).

That would make him the second big winner in the saga. And if the WNBA's New York Liberty is ultimately worth $1 billion, as per family ambitions, that would be another big gain and--as I wrote--an argument for some payment to the public sector.