Mikhail Prokhorov is embarking on his sixth year as the owner of the Brooklyn Nets. This season they’ve fired both the coach Lionel Hollins and general manager Billy King, as they look for a fresh start. Reflecting over his past mistakes, Prokhorov wrote an open letter to the fans expressing the eight lessons he learned. One of them was extremely important, the billionaire learned that money can’t buy everything, including his attempt to practically spend his way to an NBA championship.
Lesson 1: Some Things Money Can’t Buy
In 2012, the Nets relocated from New Jersey to a sparkling new arena in the heart of Brooklyn, and we wanted to make that move as splashy and fun as possible. So we went with the idea that no money was to be spared. Get high-value star players, whatever it takes. Bet on the quick win and throw everything we’ve got at it.
This got us to the playoffs three years consecutively, but not far enough. And, as the person who signed the checks, lemme tell you, it cost a boatload. We had been told that you can’t buy a championship. Truer words were never spoken.
The Nets set an NBA record in salary and luxury tax, spending $188 million trying to win a championship including bringing in Deron Williams, Joe Johnson, Kevin Garnett and Paul Pierce. Over the past couple years they haven’t gone any further than the second round of the playoffs. At least he learned his lesson.
You can read the rest here.
