cotoncandydream Posted December 18 Report Share Posted December 18 BOB JOHNSON AWARDED NEW NBA FRANCHISEHe's the league's first black majority owner. *Say what you will about 'Billionaire Bob Johnson,' the founder of BET is making his mark in this life. His latest adventure is the new NBA expansion franchise for Charlotte, NC. Johnson, 56, will become the league's first black majority owner. The franchise fee is expected to be $300 million. The league scheduled a news conference today in New York. Johnson and the other group seeking the team, headed by Boston businessman Steve Belkin and former Celtics great Larry Bird, made presentations to the league's expansion committee Monday. "I'm heartbroken," Bird said. "It's hard to realize that the dream I've had for so many years is not be, and that an awesome opportunity, which would have been the greatest and most exciting challenge in my life, will not come to pass." Naturally Belkin wasn't thrilled, but his comment seemed to take a dig at the decision. "I'm deeply disappointed and saddened by the NBA's decision. I felt that we assembled a world-class investor group and management team that was exceptionally qualified to make Charlotte a huge success." Johnson would be the first black person to hold controlling interest in an NBA team. Bertram Lee and Peter Bynoe both held minority interests in the Denver Nuggets starting in 1989. The franchise is to begin play in the 2004-05 season and replaces the Hornets, who moved to New Orleans earlier this year. After one year at the Charlotte Coliseum, the team will move into a new $260 million downtown arena. Quote Link to comment Share on other sites More sharing options...
pookie23 Posted December 18 Report Share Posted December 18 Quote Link to comment Share on other sites More sharing options...
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