De Cespedes Brothers Purchase Stake in Charlotte Bobcats.To download high-resolution, print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption Sports Editors/Business Editors MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4628845 MIAMI--(BUSINESS WIRE)--April 29, 2004 Jorge and Carlos de Cespedes, owners of the Miami-based Pharmed Group, have become minority owners of Bobcats Basketball Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which owns and operates the Charlotte Bobcats of the National Basketball Association National Basketball Association (NBA) U.S. professional basketball league. It was formed in 1949 by the merger of two rival organizations, the National Basketball League (founded 1937) and the Basketball Association of America (1946). , the Charlotte Sting of the Women's National Basketball Association The Women's National Basketball Association (WNBA) is an organization governing a professional basketball league for women in the United States. The league was formed in 1996 as the women's counterpart to the NBA. and C-SET (Carolinas Sports Entertainment Television), it was announced today by majority owner Robert L. Johnson Robert L. Johnson (born April 8, 1946) is an American businessman and the founder of Black Entertainment Television (BET), and was its chairman and chief executive officer. . "I am extremely excited to have Carlos and Jorge de Cespedes as the newest members of the Bobcats ownership team. They are committed to making our franchise a success both on and off the court," said Johnson. "And, as highly-regarded members of Miami's Hispanic community, Carlos and Jorge give further emphasis to the Bobcats investor group as a model for business diversity within the sports and entertainment industry." "We are thrilled to be part of such a wonderful organization and to become a member of the NBA NBA abbr. 1. National Basketball Association 2. National Boxing Association NBA (US) n abbr (= National Basketball Association) → Basketball-Dachverband (= family," said Jorge de Cespedes. "When we were presented with this exceptional opportunity, there was no doubt in our minds that we wanted to be part of Bob Johnson's ownership team in Charlotte." The de Cespedes brothers are investing in the franchise through their Miami-based investment company The Astri Group. Adam Ross, who oversees corporate investments for The Astri Group and was instrumental in creating this opportunity with the Bobcats, will act as liaison with the Bobcats along with Jorge de Cespedes. "I'm happy to be able to facilitate one of Jorge de Cespedes' childhood dreams of taking an ownership position in an NBA franchise," said Ross. Financial terms were not disclosed. The Astri Group joins a varied list of local Charlotte-area minority investors in Bobcats Basketball Holdings, LLC, including Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corporation and Wachovia Corporation, two of the nation's leading financial institutions and both headquartered in Charlotte; Skipper Beck, partner in Beck Automotive Group; North Carolina native and former NBA player and executive M.L. Carr; Howard Levine, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Family Dollar Stores; Hugh McColl, Jr., chairman of McColl Partners and former CEO of Bank of America; Felix Sabates, owner of NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. Winston Cup racing teams and the Charlotte Checkers minor league hockey club, and chairman of Trinity Yachts; Nelson Schwab III, co-founder of Carousel Capital; Anderson Warlick, CEO of leading textile manufacturer Parkdale Mills; Ed Weisiger, Jr., President/CEO of Carolina Tractor; and the Professional Sports Investment Group led by managing partners Rev. Claude Alexander of University Park Baptist Church and Dr. Spurgeon Webber III, owner of a prominent local dental practice. The Charlotte Bobcats have the fourth pick in the 2004 NBA Draft on June 24 following an expansion draft of players from other NBA teams on June 22. The Bobcats team will tip-off their inaugural season in early November 2004 at the Charlotte Coliseum before moving to Charlotte's new Uptown Arena beginning with the 2005-06 NBA season. The Charlotte Sting begin their eighth season in the WNBA WNBA Women's National Basketball Association WNBA World Ninepin Bowling Association WNBA Wannabe Nasty Boys Association WNBA Women's National Book Association, Inc. WNBA Warszawski Nurt Basketu Amatorskiego on May 21 against the Houston Comets at the Charlotte Coliseum. The Sting will begin play in Charlotte's new uptown Arena during the summer 2006 season. Visit the Bobcats online at www.bobcatsbasketball.com and the Sting online at www.charlottesting.com. For more information on C-SET, visit the network's website at www.c-set.tv. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4628845 |
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