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.
- Inside the Massive Effort to Change the Way Kids Are Taught to Read
- Dubai's Real Estate Market is Booming. One Company is Making It Possible to Invest From Anywhere in the World
- How to Exercise When It's Really Hot Outside
- A New Documentary Sheds Light on a Pivotal Movement in Asian American History
- Far From Home: Afghan Women are Attempting to Build New Lives Abroad
- What Experts Say About How Valuable The Inflation Reduction Act's Green Subsidies Will Be
- What to Know About Long COVID in Kids
- Want to Do More Good? This Movement Might Have the Answer