Mikhail Prokhorov could spend $100 million on the election campaign of his pro-business Right Cause party, Russian online publication The New Times reported on Monday citing sources in the Russian tycoon's entourage.
"The businessman and politician plans to spend $100 million of his own funds on the election campaign of a party that virtually does not exist for the voters today, and collect the same amount from his fellow businessmen," the publication said.
The fellow businessmen could include billionaires Suleiman Kerimov and Alexander Mamut.
There has been no official confirmation of the report.
Prokhorov, the president of private investment fund Onexim Group, is Russia's third richest man with an estimated wealth of $18 billion. He was elected the head of Right Cause at the party congress on Saturday.
Prokhorov owns the New Jersey Nets basketball team.
Parliamentary elections in Russia will be held in December. The New Times said the businessman hopes to receive up to 15% at them.
