Brooklyn Nets Franchise Transfer Ownership Russia: Russian billionaire businessman Mikhail Prokhorov said Monday that he was transferring ownership of the Brooklyn Nets basketball franchise to Russia.
Yahoo News said, 'as one of the richest Russians with assets abroad, Prokhorov could be vulnerable if the Western powers escalate economic sanctions against Russia over its takeover of Crimea.'
Prokhorov told journalists, quoted by the Interfax news agency, "I am doing all that I can to own the basketball club through a Russian company."
According to Brooklyn Nets' website, Prokhorov is the principal owner of the Brooklyn Nets through his Onexim Sports & Entertainment holding.
The Brooklyn Game stated that the potential move is due to the Kremlin's desire to keep Russian businessmen's assets in Russia.
Quoted a report in Yahoo Sports as stated in Brooklyn Game says, 'The United States and European Union have imposed visa bans and asset freezes on officials and businessmen believed to be close to Russian President Vladimir Putin in protest at Moscow's annexation of Ukraine's Crimea region.
Mikhail Prokhorov, owner of the Brooklyn Nets, had said previously that he planned to relocate the company that runs the NBA team to Russia, but his comments to reporters in the Kremlin underlined his support for Putin.
"A Russian company will own the basketball club," Prokhorov said before receiving a medal for services to Russia along with other national sports officials.
"This (move) does not violate any NBA (U.S. National Basketball Association) rules and I will bring it (under Russian jurisdiction) in accordance with Russian law."
The NBA said on Monday that it had not been notified of any changes to the Nets' ownership.
"The Nets are owned by Mikhail Prokhorov through a U.S.-based company," Mike Bass, an NBA spokesman, said in a statement. "We have received no official application nor is there a process underway through our office to transfer the ownership of the Nets to another company."'
The billionaire said that the transfer of the team's ownership to Russia was an ongoing process.
"This process is going slowly. I have already said numerous times that I am gradually transferring the basketball club to Russian companies, according to the law." Prokhorov said.
