Russian tycoon Prokhorov founds own party

MOSCOW – Mikhail Prokhorov, a Russian tycoon who also contested the recent presidential election, has founded a political party.

Prokhorov tweeted on Monday that the party would focus on the regional elections and help Russia's professional elite make a foray into politics.

Prokhorov, who owns the New Jersey Nets basketball team, came in third in the March election, with nearly 8 percent of the vote. The 47-year-old has often been accused of being a Kremlin stooge, a claim he has denied.

Prokhorov said, however, that he would not be a party member, and that the party would only have 500 members, the smallest membership allowed by the law.