Nets Owner Elected Head of Russian Party

    Russian billionaire Mikhail Prokhorov speaks to the media before a basketball show in Moscow, Russia, Sunday, Oct. 10, 2010. Mikhail Prokhorov bought basketball team New Jersey Nets earlier in the year.

    Ivan Sekretarev / AP Photo

    The billionaire owner of the New Jersey Nets can now add chief of an unregistered political party to his resume. Mikhail Prokhorov was elected head of Russia's Right Cause party by its members on Saturday. The Kremlin-friendly political party is seeking pro-business voters and attempting to compete with the ruling pro-Kremlin party, United Russia, before December's parliamentary elections. President Dmitry Medvedev said Monday that Russia needs more political competition, but the Justice Ministry laughed at his claim, denying the existence of a real opposition party.

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