Mikhail Prokhorov Plans To Repatriate Nets Parent Company To Russia
Nets Owner Mikhail Prokhorov today said that he "planned to relocate" Onexim Sports & Entertainment, the NBA team's parent company, to Russia "in keeping with the Kremlin's call on Russian businessmen to repatriate their assets to help combat new U.S. sanctions." Prokhorov said, "A Russian company will own the basketball club. This does not violate any NBA rules and I will bring it (under Russian jurisdiction) in accordance with Russian law." The U.S. and EU "have imposed visa bans and asset freezes on officials and businessmen" in protest of Moscow's annexation of Crimea (REUTERS, 3/24).
NBA Exec VP/Communications Mike Bass said in a statement, "The Nets are owned by Mikhail Prokhorov through a US-based company. We have received no application nor is there a process underway through our office to transfer the ownership of the Nets to another company" (NBA).