Robert Johnson. . .

Owner of the NBA Charlotte Bobcats

By Sunshine Stephens

The first African American to own a majority interest in a professional sports franchise is none other than Robert L Johnson, founder of Black Entertainment Television (BET). Already a trailblazer in the cable television industry, Mr. Johnson became a pioneer in the professional sports arena when he became the majority owner of the Charlotte Bobcats of the National Basketball Association.

It happened quickly for Johnson; he met with David Stern, Commissioner of the NBA, and other NBA team owners, laid out his plans and vision for the proposed franchise--and before he knew it, he was the Bobcat’s majority owner. On December 18, 2002, the NBA expansion committee awarded Johnson the NBA Charlotte franchise. Shortly afterward on January 10, 2003, the NBA owners met and endorsed the committee’s choice of Mr. Johnson as the first minority owner of any professional sports team.

Bobcats Basketball Holdings, LLC includes majority owner Robert L. Johnson, Bank of America Corporation and Wachovia Corporation, two of the nation’s leading financial institutions, both headquartered in Charlotte; Skipper Beck, partner in Beck Automotive Group; North Carolina native and former NBA player and executive, M.L. Carr; Astri Group partners, Carlos and Jorge De Cespedes, owners of the Miami-based Pharmed Group; Howard Levine, Chairman and CEO of Family Dollar Stores; Hugh McColl Jr., Chairman of McColl Partners and former CEO of Bank of America; Nelly, award-winning entertainer and entrepreneur; Felix Sabates, owner of NASCAR Winston cup racing teams and the Charlotte Checkers minor league hockey club, and Chairman of Trinity Yachts, Nelson Schwab 111, 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 111, owner of a prominent local dental practice.

Robert Johnson and his partners are currently at center stage enjoying the current NBA season being played at the newly-constructed Uptown Arena, Charlotte, North Carolina. The large crowds turning out to watch the fledgling Bobcats play seem to support Mr. Johnson’s belief that Charlotte can become one of the most profitable franchises in the NBA.

NET WORTH

Success is no stranger to the “self made” entrepreneur with a net worth estimated at $1.3 billion. The founder of BET became a member of the exclusive billionaire’s club when he sold the cable channel to Viacom for $3 billion in 2001. The Freeport, Illinois businessman who believes in getting things done instantly became one of the richest men in the world, and America’s first African American billionaire.

BACKGROUND

Robert Johnson was born in Hickory, Mississippi on April 8, 1946. He was the ninth of ten children of Archie and Edna Johnson. Johnson grew up in Freeport, Illinois; he worked summer jobs, which included everything from mowing lawns, cleaning livestock pens at the county fair, tending gardens--to his first entrepreneurial job of paper delivery.

The future business tycoon went on to graduate from the University of Illinois with a Bachelor of Arts Degree in Science and then on to Princeton University where he graduated with a Master’s of Arts Degree in International Affairs. After graduation, Johnson moved to Washington, D.C., where he got his first job as an aide on Capitol Hill. He left that position to become the press secretary to District of Columbia Delegate Walter Fauntroy. Johnson then left that position to become Vice President for the National Cable Television Association.

While working for the cable industry, Johnson saw an opportunity to bring service to the Black community using cable television. An opportunist, he took a chance on his idea and set about convincing others that he could make his dream a reality. When he started out, he had no track record. He had a $15,000 bank loan, a brilliant idea, a winning personality, and excellent communication and networking skills. All he needed was someone willing to take a chance on his dream. Johnson’s dream became a reality when he met cable magnate John Malone. Malone was CEO of Telecommunications Inc. the country’s third largest cable company. Malone had an interest in programming a cable system he owned in Memphis, Tennessee. Malone loaned Johnson $320,000, and purchased 20% of Johnson’s company for $180,000.

After Johnson had obtained financing from Malone, he admitted he had never ran a company and asked Malone for advice. Malone’s response was to always remember to keep revenue up, and costs down, a lesson Johnson still adheres to. Although it took five years for Johnson to show a profit, his persistence paid off as BET became the first Black company to go public and be listed on the New York Stock Exchange.

PHILANTHROPIST

Robert Johnson has donated millions of dollars to various causes. When the need was recognized to build a new YMCA in the Charlotte area, Johnson donated $1,00,000 to benefit the West Boulevard YMCA in Charlotte. Johnson believed the new facility could help the children and families in the community thereby improving social conditions, and presenting an opportunity to strengthen the community and provide educational enrichment. This is just a small example; individuals and organizations all over the country have benefited from Johnson’s philanthropic efforts. Real giants are those that not only lead, but pave the road to make it easier for others less fortunate to follow.

OUTLOOK ON LIFE

How does a “giant” entrepreneur account for his success in life? It is probably his outlook on life that makes Johnson so successful. Robert Johnson has been quoted as saying “

It’s the desire to do what you feel you can accomplish in life.” Johnson has always believed in the importance of education. Johnson is the only member of his family to graduate from college. He never believed in just having a degree, but opening your mind to new concepts, and knowing how to process the information gained to help accomplish your goals. Johnson stresses communication as a key ingredient of success, the ability to talk with those essential to helping you accomplish your goals, and enable them to visualize your dreams.

BUSINESS THOUGHTS

Robert Johnson is an entrepreneurial giant. Not content to sit back and enjoy his accomplishments, Johnson continues to expand his business horizons. It was reported, he is seeking ownership of Vanguard media, a magazine publishing company. Not to mention having a 35% interest in a lottery business on six Caribbean islands.

Think “Big” is the image Johnson projects, and he seems to always reach his target and accomplish his goal. Business goals for this titan are unlimited; he has overcome all obstacles in his business career. The titan went from founder of BET to NBA basketball team owner. Keep your eyes on Robert L. Johnson; there is no telling what his next business venture will be. One thing is sure, it will probably be another “gigantic” leap.

Reprint permission from www.bstmllc.com.