Mikhail Prokhorov, who has assumed leadership of a new political party in Russia and is putting much of his energies into that venture, has resigned as president of his Onexim investment group, his spokeswoman, Ellen Pinchuk confirmed.

According to a report on netsdaily.com, Prokhorov will be replaced as president of the $25 billion company by his aide, Dmitry Razumov.

The move is not expected to have any effect on Prokhorov's ownership of the Nets.