![](https://api.time.com/wp-content/uploads/2014/03/167111408.jpg?quality=85&w=2400)
The owner of the Brooklyn Nets, Russian billionaire Mikhail Prokhorov, said Monday he is transferring ownership of the basketball franchise to his home country, amid the possibility of economic sanctions over Russia’s annexation of Crimea.
Prokhorov hasn’t yet been targeted by Western powers’ crackdown on billionaires with close ties to President Vladimir Putin, but as one of the wealthiest Russians with foreign holdings he could find himself in the crosshairs if the sanctions were extended.
“This question is not clear so far,” Prokhorov commented to Interfax news agency on the possibility of U.S. sanctions affecting his assets. “I have already said numerous times that I am gradually transferring the basketball club to Russian companies, according to the law.”
Last year, the Brooklyn Nets increased a whooping 47 percent in value, making it the fifth most valuable NBA club at $780 million.
[AFP]
More Must-Reads from TIME
- Why Biden Dropped Out
- Ukraine’s Plan to Survive Trump
- The Rise of a New Kind of Parenting Guru
- The Chaos and Commotion of the RNC in Photos
- Why We All Have a Stake in Twisters’ Success
- 8 Eating Habits That Actually Improve Your Sleep
- Welcome to the Noah Lyles Olympics
- Get Our Paris Olympics Newsletter in Your Inbox
Contact us at letters@time.com