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Article: Pro basketball will return to Charlotte next year with a National Basketball Association. (Regional Report).(Charlotte, North Carolina to have professional basketball team)(Brief Article)
- Article from:
- Business North Carolina
- Article date:
- March 1, 2003
CopyrightCOPYRIGHT 2003 Business North Carolina. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pro basketball will return to Charlotte next year with a National Basketball Association franchise awarded to Robert Johnson, founder of Black Entertainment Television. Johnson, worth about $1.3 billion, will pay $300 million for the team, which will play in the Charlotte Coliseum until moving into a $265 million downtown arena in 2005. Johnson, the only black NBA owner, and local investors, including retired Bank of America Chairman Hugh McColl, will control the arena and packet all revenue from it, plus the $18 million annual profit the city estimates the team will generate. City Council members ...