12-26-2006, 02:23 PM
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#1 (permalink)
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Limehouse Blues
Join Date: Apr 2005
Location: North Carolina
Posts: 10,616
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Bobcats owner blocks donation
Bobcats owner blocks donation
Charlotte Bobcats managing partner Bob Johnson has blocked minority owner Felix Sabates' effort to contribute his share of the team to charity.
Sabates wants to give his Bobcats stock, which he values at about $1.34 million, to the foundation that supports Carolinas HealthCare System. Sabates sits on the board of that system.
"I was surprised Bob wouldn't approve this, considering it's a donation," Sabates told the Observer in an interview Friday.
On Nov. 29, Sabates received a letter from Johnson's attorney denying Sabates' request to transfer the shares. The attorney, Van Sinclair, claimed the NBA does not allow not-for-profit or charitable entities to own an interest in its franchises.
A subsequent letter from Sabates to the health care system quoted Johnson as saying the NBA had nothing to do with the decision. Instead, Sabates wrote, Johnson told him he "does not wish to have any charitable organization in partnership with the Charlotte Bobcats. ...
"I am really surprised at his decision. I thought this would be a great opportunity for the Bobcats to become a real part of this community."
The Observer obtained these letters and other documents through the N.C. public-records law.
Johnson and Sinclair both declined to comment on the issue, through team President Fred Whitfield.
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Bobcats owner blocks donation
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