Russia accuses basketball bosses of wasting money

BY foxsports • February 2, 2015

MOSCOW (AP) Russian state auditors have accused the country's basketball federation of wasting government money through ''ineffective'' management and the filing of illegal financial accounts.

The Russian men's national team won bronze at the 2012 London Olympics but failed to qualify for last year's World Cup amid financial problems in the Russian league and infighting at the federation.

Despite ''significant government support'' amounting to 416.7 million rubles ($6 million), men's and women's national teams showed ''a low level of preparation,'' the Audit Chamber said in a statement Monday.

The chamber also reported ''systematic breaches'' of the law by the federation, citing opaque accounting and a failure to keep track of its assets.

The Audit Chamber said it had passed its findings to the tax service.

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