Bob Johnson completes takeover of Charlotte Hornets.
The billionaire founder of Black Entertainment Television has been confirmed the new owner of the Hornets franchise in Charlotte, N.C., making him the first African American to hold a majority ownership in a major professional sports franchise.
Robert L. Johnson was approved by the league’s ownership committee over a group led by Boston entrepreneur Steve Belkin and former Boston Celtic star Larry Bird.
A news conference to announce Johnson’s new ownership will be held today.
Johnson finally succeded in buying the Hornets, but owner George Shinn put up a fight until the end. The negotiation took place over the entire 2001-02 season and has only fully been completed this offseason.
Declining attendance and the city’s refusal to build a new arena -- both attributed, in part, to the public’s dissatisfaction with Shinn -- and it almost caused the Hornets to move to New Orleans this summer. But the NBA quickly decided to step in and found a new owner for Charlotte, a city in a basketball-crazy state. The Hornets led the league in attendance eight times after beginning play in 1988.
The team ownership only adds distinction to Johnson’s remarkable success story, and represents another step forward for a league that likes to consider itself progressive in its commitment to racial and gender diversity.
The NBA has managed to find a way to keep the Charlotte Hornets and the Vancouver Grizzlies over the last two seasons. A welcome relief for all those fans in Charlotte and Vancouver. But this will now add some fuel to the rumors of the NBA eventually expanding and adding a 30th team in the near future. Was George Shinn promised an expansion franchise in order to sell? only time will tell. But for now, lets keep that Buzz in Charlotte.