Johnson Nets NBA Franchise
By R. Thomas Umstead -- Multichannel News, 12/18/2002 11:52:00 AM
Black Entertainment Television chairman and CEO Robert Johnson is now a professional-sports-franchise owner, having won a bid for the expansion Charlotte, N.C.-based National Basketball Association franchise.
Johnson will retain majority ownership in the franchise, becoming the first African-American team owner in major professional-sports history.
Terms of the deal were not disclosed, but published reports put the franchise's price tag at $300 million.
Johnson said he would finance the service through "Viacom [Inc.] stock" acquired through his sale of BET to Viacom in 2000 for $3 billion, as well as other financial assets.
The Charlotte franchise became available after the former Charlotte Hornets moved to New Orleans earlier this year. At the time, Johnson was part of a group of local Charlotte businessmen who tried to keep the Hornets in the city.
Despite winning the Charlotte franchise, Johnson said he is still interested in bringing a Major League Baseball team to the Washington, D.C., area. "I've already told the NBA that I would still pursue a baseball franchise," Johnson said. "I'm definitely in the hunt."
He also wouldn't rule out the possibility of creating a regional sports network for the team. "I'm going to look at every business opportunity possible," he added. "If I can find a spinoff business opportunity to grow an asset, that's what I'm going to do."
Johnson beat out a group headed up by NBA Hall of Famer Larry Bird.
No related content found.
Featured Company
-
Telestream
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD, cable VOD, podcast and broadcast pl..more


















