Prokhorov Not Concerned About Luxury Tax, Believes Nets Investment Has Doubled In Value
Aug 05, 2012 12:12 PM EDT
Mikhail Prokhorov is not concerned about paying an estimated $12 million luxury tax bill after approving the Nets’ trade for Joe Johnson and signing off on extensions for Deron Williams, Brook Lopez, Gerald Wallace and Kris Humphries.
"I am only interested in what will bring us a championship team," Prokhorov said. "That is the sole criterion."
The Nets are likely to pay the luxury tax until 2016 with about $290 million owed to Johnson, Williams, Lopez, Wallace and Humphries.
Prokhorov, who spent $260 million in May of 2010 for an 80 percent share of the team, 45 percent of the Barclays Center and an option to buy 20 percent of the overall Atlantic Yards project, believes his investment is "worth at least double already."