With billionaires’ fortunes dwindling on a daily basis and companies’ forecasts looking gloomier and gloomier, it seemed unlikely that a Russian basketball team would escape the financial hurricane. Some powerhouse teams like Slask from Poland have alread

Russian basketball club, Dynamo, has just secured new sponsorship from one of Russia's top banks, the Bank of Moscow. Because of the bank’s relative security due to its proximity to the state, they were able to immediately invest more than $US 1 million in the club.

The length of the deal hasn't been announced, but Dynamo's management is hoping it will be long-term.

Dynamo is one of the oldest surviving clubs in Russia. They were founded in 1923 and were linked to the state police. Although today the club has practically no ties with the militia, the club retains a strong presence in Russian and European basketball alike.

The club's early history was bright, winning the USSR championship in 1937 and 1948, but the clubs success quickly disappeared after that. They remained in relative obscurity until finally folding in 1997 ironically after having just played in the Euroleague for the first time in club history.

Then, in 2001, the club was restored and went on to win the Russian league that same year. Since then, they have increased payrolls and even secured some players from the NBA.

The new season has just begun and Dynamo started off on the wrong foot going down to Spartak Primorye in Vladivostok in their opening game. However, with the new financial backing, Dynamo will be looking to regain their form and fight for the championship. Of course, their new sponsors will too.

“I think success will be measured in many ways not only whether or not we win the Russian championship. We’d like to do it, but it is not an easy goal particularly with CSKA and Khimki’s triumph. There’s also Kazan and so many other teams of the same type. The most important thing for me is for us to play good, consistent winning basketball and put ourselves in a position to contend for every title,” said David Blatt, head coach of Dynamo Moscow.