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Mikhail Prokhorov, Russia Tycoon, Founds Own Party

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Russian billionaire Mikhail Prokhorov speaks during an opposition rally in Moscow, Russia, Monday, March 5, 2012. Riot police on (AP Photo/Misha Japaridze) | AP

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.

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