Johnson becomes first black majority owner

The billionaire founder of BET outbid Larry Bird for the Charlotte franchise.
By TIM WHITMIRE
ASSOCIATED PRESS
CHARLOTTE, N.C. -- Not too many people have ever beaten Larry Bird one-on-one.
Robert Johnson, the billionaire founder of Black Entertainment Television, has, besting Bird in the competition to own the NBA's new Charlotte franchise.
Poised to make Johnson the first black majority owner in major pro sports, the NBA scheduled a news conference Wednesday in New York. Johnson could not be reached for comment Tuesday.
Bird was devastated by the league's decision, which followed presentations from both groups to an expansion committee Monday.
"I'm heartbroken," the Hall of Fame member said in a statement released by his agent Tuesday night. "It's hard to realize that the dream I've had for so many years is not to be, and that an awesome opportunity, which would have been the greatest and most exciting challenge in my life, will not come to pass."
Had been successful
Bird has been a success at every level of his basketball career, leading Indiana State to an NCAA title game and the Boston Celtics to three NBA titles as a player. As a coach, he led the Indiana Pacers to the 2000 NBA Finals.
But Johnson denied him the chance to construct a title contender from the ground up.
"It's difficult for me to properly express how deeply disappointed I am that we did not get the opportunity to build a championship team in Charlotte," Bird said.
Boston businessman Steve Belkin, who fronted the Bird group, echoed Bird's comments, saying, "I'm deeply disappointed and saddened by the NBA's decision."
The team is to begin play in the 2004-05 season and replaces the Hornets, who moved to New Orleans this year. After one season at the Charlotte Coliseum, the team will move into a new $260 million downtown arena.
The franchise fee is expected to be $300 million.
Forbes magazine estimated Johnson's wealth at $1.3 billion earlier this year, making him No. 149 on the magazine's list of richest Americans.
Race
Though Johnson reportedly played down the issue of race in his expansion committee presentation, Chicago-based sports finance consultant Marc Ganis said there is no doubt it helped Johnson's case.
"As long as the person met the qualifications and paid full price for the franchise, it's very important to bring controlling minority interests into professional sports, particularly the NBA," Ganis said.
Johnson became a billionaire when media conglomerate Viacom bought BET for about $2.3 billion in stock in 2000. Ganis said the source of his wealth made the league's decision easier.
"He has real dead presidents. He had something he created of value, that was easily identifiable and tangible," Ganis said.
The NBA's full Board of Governors, with a representative from each of the 29 teams, is expected to vote on Johnson in early January.
The Hornets left Charlotte after years of declining attendance and failed attempts to get a new arena built. The league approved the move, but Charlotte leaders successfully argued that the city, which led the NBA in attendance for eight seasons in the late 1980s and early 1990s, should get a new team.
Emerged as contender
Belkin soon emerged as a contender. Johnson, who had tried twice without success to buy the Hornets from owner George Shinn, also said he would like the franchise.
Johnson, who is based in Washington, D.C., insisted all along that his chances would not be hurt by not having a marquee name like Bird in his camp.
Johnson would be the first black person to hold controlling interest in a team in one of the four major pro sports leagues -- the NBA, NFL, NHL and major league baseball. In the NBA, Bertram Lee and Peter Bynoe both held minority interests in the Denver Nuggets.