NEW YORK, Jan. 10 (UPI) -- The NBA Board of Governors Friday approved an expansion franchise for Charlotte, N.C., to be owned by billionaire Robert Johnson.
The unanimous vote officially made Johnson, the founder of Black Entertainment Television, the first black majority owner of a major league team.
Johnson was introduced as owner of the franchise last month and Friday's vote, which included one representative from each of the 29 teams, was considered a mere formality. The team will begin play in the 2004-05 season.
"It gives me great pleasure to welcome Charlotte back to the NBA, since we appreciate how supportive their fans have been in the past," NBA Commissioner David Stern said. "We are particularly excited to have Robert Johnson as our newest owner.
"Bob has shown a great understanding for building a new company, and we are confident in his ability to develop a strong NBA organization."
Johnson was chosen over Boston businessman Steve Belkin, the managing partner of a group including Larry Bird, after both sides made presentations last month to the NBA's expansion committee.
The 56-year-old Johnson is reportedly worth $1.3 billion, making him No. 149 on the Forbes list of richest Americans. There were reports Johnson will pay $300 million for the team.
Earlier this week, Johnson tabbed former New York Knicks executive Ed Tapscott as president of franchise operations.
The new Charlotte franchise replaces the one that moved to New Orleans following the 2001-02 season. The NBA has a deal with the city to build a new arena that would open in 2005, a year after the new team debuts. The team will play its inaugural season in the Charlotte Coliseum.
Hornets owner George Shinn often clashed with city officials before finally relocating.
The agreement also conveys Johnson ownership of the WNBA's Charlotte Sting, beginning with the 2003 season.
