Mikhail Prokhorov to Relocate Company to Russia; Nets to Follow?

  • Dave Ragazzo
PHOTO COURTESY: NJ.COM

PHOTO COURTESY: NJ.COM

With the annexation of Crimea being one of the biggest topics around the world and getting more complicated by the day, why would anyone want to bring their business over to Russia?

Maybe if you were a Russian billionaire, you would consider such a move; and that is exactly what Nets owner Mikhail Prokhorov plans to do.  Now, the next question is, what impact would this have on the basketball team he owns in Brooklyn?

Prokhorov announced on Monday that he plans to relocate his business to his native Russia, a move that could complicate things for the Brooklyn Nets.

“A Russian company will own the basketball club,” Prokhorov said Monday. “This (move) does not violate any NBA rules and I will bring it (under Russian jurisdiction) in accordance with Russian law.”

League spokesman Mike Bass said that the league was unaware of Prokhorov’s intentions:

“The Nets are owned by Mikhail Prokhorov through a US-based company,” Bass said. “We have received no application nor is there a process underway through our office to transfer the ownership of the Nets to another company.”

Currently, it would be impossible for the Nets to relocate to another country, despite the global reach of the NBA.  It is prohibited from happening and Prokhorov will likely run into problems if and when he makes this move.  Many believe that the league will not allow a business that is overseas to operate a team in the states.

So despite this big potential move, the Nets should be staying put in Brooklyn for the foreseeable future.  Unless of course they decide to move back to New Jersey; but that seems almost as unlikely as a move to Russia.

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