Russian Billionaire Prokhorov to Rename His NBA Team

Russia’s second richest man Mikhail Prokhorov is set to rename his NBA team the New Jersey Nets. Just what the new name will be remains a mystery for now, but the executive committee has already submitted the documents to move ahead with the renaming.

According to NBA rules, any club wishing to change its name or logo must apply not later than 25 months before the start of the season. For the Nets that means before the start of the 2012/13 season.

Prokhorov has repeatedly stated that he intends to rename the team. According to Russian media, the Russian metals magnate joked that he was going to call the team after his fiancée and will change the name every time he changes his girlfriend (Prokhorov is notorious for his reluctance to tie the knot).

According to the 2010 Forbes list, with a fortune estimated at $13.4 billion he is the 39th richest person in the world. Having made his money in banking and metals, the entrepreneur bought the New Jersey Nets in May 2010 for $200 million. Last season the club finished last in the NBA championship. In the summer the new owner promised to make them  champions within five years. And with the new name or not, Prokhorov has pledged to invest up to $15 million this year.

Earlier in this year, the entrepreneur already been making headlines when he was forced to forfeit a £36 million deposit he placed on the £360 million Villa Leopolda  in South of France.