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]
- Alison Roman Won't Sugarcoat It
- If Donald Trump Is Indicted, Here's What Would Happen Next in the Process
- The World's Greatest Places of 2023
- Exclusive: Effective Altruist Leaders Were Repeatedly Warned About Sam Bankman-Fried Years Before FTX Collapsed
- Who Should Be on the 2023 TIME100? Vote Now
- Postmaster General Louis DeJoy's Surprising Second Act
- Gaslighting, Narcissist, and More Psychology Terms You're Misusing
- In This Texas County, There's No Such Thing as Moving on From COVID-19
- In Defense of Nora Ephron's Unfairly Panned Heartburn Movie
- Want Today's Top Headlines in Your Inbox? Sign Up for The Brief
