Early Life
Mikhail Dmitrievich Prokhorov was born on May 3, 1965, in Moscow, Russia. His father was a lawyer who worked in international relations for the Soviet Committee of Physical Culture and Sport, while his mother was a materials engineer. He has one sister, Irina, who manages his philanthropic organizations and a publishing house. Prokhorov graduated from the Moscow Finance Institute in 1989 with a degree in international economic relations.
Rise to Success
Prokhorov's career began in banking, notably at the International Bank for Economic Cooperation (IBEC). In 1992, he co-founded Interros with Vladimir Potanin, a holding company that was instrumental in acquiring Norilsk Nickel in 1995. Norilsk Nickel became the world's largest producer of nickel and palladium under his leadership. In 2007, Prokhorov established the ONEXIM Group, an investment fund with interests in sectors such as mining, finance, nanotechnology, and media. He was also the chairman of Polyus Gold, Russia's largest gold producer.
Key Business Strategies
Prokhorov's business strategies involved acquiring valuable assets during the privatization of Russian state-owned companies. His early partnership with Vladimir Potanin was crucial in this regard. His approach included strategic investments in diverse sectors. A key move was selling his stake in Norilsk Nickel in 2008, which proved to be a lucrative decision before the global financial crisis. He also invested in international ventures, including the Brooklyn Nets, making him the first non-North American owner of an NBA team.
Philanthropy
Prokhorov founded the Cultural Initiatives Foundation in 2004, headed by his sister. He has supported various sports clubs and organizations, including CSKA Moscow and the Russian Biathlon Union.