Charlotte Bobcats block Felix Sabates from donating stock share in team to charity
Quote selected text Published December 28th, 2006 in NASCAR News
Felix Sabates, a minority owner of the Charlotte Bobcats wants to donate his share of the basketball team to a charity, but is being blocked by team managing partner Bob Johnson, The Charlotte Observer reported Sunday.
Felix Sabates wants to give his Bobcats stock, which he values at about $1.34 million, to the foundation that supports Carolinas HealthCare System. The Cuban-born Sabates, also a prominent NASCAR team owner, is a member of the system’s board.
“I was surprised Bob wouldn’t approve this, considering it’s a donation,” Sabates told the newspaper in an interview Friday.
Sabates received a letter from Johnson’s attorney, Van Sinclair, on Nov. 29 denying his request to transfer the shares, saying 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, which was made because Johnson “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,” Sabates wrote.
The newspaper obtained copies of the letters and other documents.
Johnson and Sinclair both refused to comment to the Observer.
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