The Brooklyn Nets Could Be Moving to Russia

In addition to Crimea, Vladimir Putin might now be getting the Brooklyn Nets.

Russian billionaire Mikhail Prokhorov, who owns 80 percent of the basketball team, announced plans to transfer control of the Nets to one of his Russian companies on Monday. There are no proposals, however, for the team to practice in Moscow's Red Square — yet.

In an announcement to reporters in Moscow, Prokhorov promised that the move would not violate either NBA or Russian law, but it remains to be seen if the American basketball league will let the plans go through.

"A Russian company will own the basketball club," Prokhorov said at the Kremlin before receiving a medal for services to his country with other Russian sports officials. "This does not violate any NBA rules and I will bring it (under Russian jurisdiction) in accordance with Russian law."

The NBA, however, explained that they had received no notification of any change in the team's status. “The Nets are owned by Mikhail Prokhorov through a US-based company,” league spokesman Mike Bass said in a statement. “We have received no application nor is there a process underway through our office to transfer the ownership of the Nets to another company.”

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Prokhorov's statement comes as the G7 nations warned on Monday that they would apply strong sanctions against Russia if Putin continues to destabilize the situation in Ukraine. Leaders of the United States, Germany, France, Britain, Italy, Japan, and Canada criticized what they described as "Russia's illegal attempt to annex Crimea in contravention of international law".

The sanctions would target Putin and the Russian oligarchs who wield substantial control in the country, but Prokhorov said he wasn't sure when he was asked if they would affect his interests.

"This question is not clear so far. We are all now looking at it together. At the moment, so far, no," he said, according to Russia Today.

By moving ownership of the Brooklyn Nets to his native Russia, Prokhorov could possibly help safeguard his most famous asset from US lawmakers.

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Prokhorov’s estimated worth is over $10 billion. He has already lost about $811 million this year as a result of declining Russian markets, according to Bloomberg News.

Although Putin has scoffed at the threat of sanctions, Prokhorov’s move could suggest some concern about their possible economic impact. The Russian stock market fell by over 10 percent, wiping nearly $60 billion off stocks, on March 3, the day after Putin announced plans to invade Crimea.

Prokhorov is one of Russia’s most powerful tycoons, both in the political and business worlds. The billionaire also unsuccessfully ran against Putin for president in 2012.

Follow Olivia Becker on Twitter: @obecker928