Prokhorov, Praised by Russian President as "Revolutionary", Resigns as President of Onexim Group

NEW YORK - MAY 19: New Jersey Nets owner Mikhail Prokhorov addresses the media during a press conference at the Four Seasons Hotel on May 19, 2010 in New York City. (Photo by Mike Stobe/Getty Images)

Mikhail Prokhorov  has resigned as president of his $25 billion investment group to devote more time to the Pravoe Delo Party whose leadership he assumed Saturday. Dmitry Razumov, the deputy CEO who has worked with Prokhorov on Nets issues, succeeds him.

Prokhorov remains principal owner of the Nets.

Prokhorov also met Monday with Russia's president, Dmitry Medvedev, who praised Prokhorov's decision to enter politics.  In the convoluted world of Russian politics, it appears that Medvedev wants to give credibility to Prokhorov's party. Many believe Medvedev and Prime Minister Vlaidmir Putin encouraged Prokhorov to enter politics to provide their party with "friendly" opposition.  It 's also possible that Prokhorov and Medvedev could form an alliance.

Team officials continue to insist that Prokhorov's political ambitions will not interfere with his ownership of the Nets.  Sergei Kushchenko, his chief sports advisor and a director of Nets Basketball, said Monday "I'm sure he will continue to maintain his involvement in the team. Aside from his business interest in the club, I know he gets a lot of pleasure being the owner of the Nets."

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