Mikhail Prokhorov, the billionaire Russian metals magnate & owner of the New Jersey Nets, threw a lavish launch party in Chelsea to celebrate the arrival of his first print project as a newly-made New York media mogul. Snob, a foreign-language, general-interest magazine that caters to that Russia’s global elite, is being brought to American newsstands without translation into English. And, beyond the magazine, Snob properties include a social-networking website and an invitation-only club allowing members to attend its sponsored live events around the U.S.

Some have criticized Prokhorov for bringing the Russian-language title Stateside, where most consumers will be unable to read it. Still, in a curious sort of way, Prokhorov’s business plan actually has potential. Besides seeking to fill an international media void, interests in the project expressly include attracting a more “global audience” for the New Jersey Nets basketball team.

See: Exec Digital