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Prokhorov Moves Brooklyn Nets Ownership to Russian Company

16:22 24.03.2014 (Last updated 18:21 24.03.2014)

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  • Mikhail Prokhorov

  © REUTERS/ ADAM HUNGER

MOSCOW, March 24 (R-Sport) - The Russian billionaire owner of the Brooklyn Nets, Mikhail Prokhorov, said Monday he is in the process of transferring the NBA team’s ownership to a Russian company.

Prokhorov has moved into politics in recent years, standing unsuccessfully for president of Russia in 2012, and moving the Nets to Russian ownership would appear to be in line with new Russian legislation that restricts politicians’ ownership of assets abroad.

“I’m moving the basketball club across little by little,” he said, adding that it was part of the process of “nationalization of the elites,” a reference to the law restricting foreign asset ownership.

Prokhorov, president of the Russian Biathlon Union, did not specify how the Nets would be structured under his new ownership plan.

Prokhorov took control of the then-New Jersey Nets in 2010, spending a reported $200 million to buy 80 percent of the team and 45 percent of the Barclays Center in New York City. In 2012, the team moved to the Barclays Center and was renamed the Brooklyn Nets.

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