Prokhorov moves Nets ownership company to Russia

By Jason Schott - @JESchott19

Nets Principal Owner Mikhail Prokhorov announced on Monday that he plans to relocate his company, Onexim Sports and Entertainment, to Russia. This might jeopardize his ownership of the Nets is the NBA objects to moving the ownership group to a foreign country, especially one that is an antagonist of the United States government at the moment.

In a statement released by the Nets on Tuesday, Onexim said, "Preliminary discussions with the NBA were held in spring 2013 and, at that time, the League indicated its willingness to work with us in the event we needed to re-register the ownership vehicle of the Nets as a Russian entity to comply with the Russian law regarding candidates for political office. This is a long process which may or may not come to fruition and nothing is imminent.

Of course, no steps in this direction could or would be taken without the full knowledge and approval of the NBA."
Prokhorov said to Reuters news service on Monday, "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."

NBA spokesman Mike Bass said, "The Nets are owned by Mikhail Prokhorov through a U.S.-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."

Last Friday, before the Nets beat the Celtics, General Manager Billy King was asked about Prokhorov's ownership stake, and he said, "I'll leave that to President Obama and Putin to figure out. I follow politics, I love politics, but I don't know anything about who we're putting sanctions on, or who we're not."
 
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