Behind the Scenes of a Historic Breakthrough: How Billionaire Businessman Robert Johnson Became the First African American Owner of a Major Sports Franchise.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 11, 2003

Bob Johnson has always broken barriers.

In 1980 he launched Black Entertainment Television (BET), the first black-owned cable network. A decade later, the holding company became the first black-owned firm traded on the New York Stock Exchange when Johnson took the company public. In 2000 he sold BET to Viacom for about $3 billion, making him the nation's first black billionaire. Since then, Johnson has aggressively pursued his dream of buying a major sports franchise, but he could never close a deal. All of that changed in January 2003 when Johnson announced an agreement to purchase the NBA's Charlotte, North Carolina, expansion team. "Johnson closing the deal opens a new chapter in black history as African Americans take the next evolutionary step in their role in professional sports - a step that began with struggling to participate as players, progressing to coaching through joining front office and executive ranks, and finally culminating with team ownership," writes BLACK ENTERPRISE Business Editor Alan Hughes in "Slam Dunk!" The article, which is featured in the March issue of BE, is an in-depth look at how Johnson used his business savvy and political connections, not to mention deep pockets, for a seat at the owner's table.

Johnson's case was simple and consisted of three main points: He was financially qualified, he had a suitable demeanor and leadership skills, and he had credibility. "In my presentation, the last point I made was that I wanted to assure them that I wasn't asking for this franchise because I'm African American, but (that) any organization that had 80%-plus employees of a particular racial group must consider diversity," said Johnson. He knew the NBA brass, not the Charlotte community, would make the final decision on who would land the team. "I had the position that I was going to make my case to the NBA, particularly to the NBA individuals I knew personally." Johnson opened his Rolodex and went straight to the top. He made a whirlwind of phone calls to a list of friends and associates that read like a "who's who" of professional sports. In the end, Johnson believes "the fact that I am African American was a plus, but at the end of the day, if I didn't have the credibility or experience, there's no way they would have said, 'We'll give it to you just because we want a black guy running an NBA team.'"

Johnson knows that acquiring the team was just the beginning, as he is now charged with building a profitable sports franchise from scratch. Ever confident, he expects to have his Charlotte organization running profitably by the end of the first season.

The complete story appears in the March issue of BE, available on newsstands Tuesday, February 18.

BLACK ENTERPRISE, your ultimate guide to financial empowerment, is the premier business and investment resource for African Americans. Since 1970, BE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. The publication provides four million readers with monthly information on entrepreneurship, careers, and financial management. As the definitive source of information for and about African American business markets and leaders, BE is the authority for business news and trends. The magazine is published by Earl G. Graves Publishing Co.