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Miami Businessmen Invest in Bobcats

April 29, 2004

CHARLOTTE, N.C. (AP) _ Miami businessmen Carlos and Jorge de Cespedes have joined the ownership group for the expansion Charlotte Bobcats, the team announced Thursday.

The brothers from Miami own The Astri Group, a private equity investment firm that specializes in the health care industry. They also own the Pharmed Group, a $600 million distributor of health care products throughout the country.

The brothers join an assortment of local investors that have purchased minority shares in the team from majority owner Robert Johnson.

Johnson, the founder of Black Entertainment Television, is the first black owner to hold a majority stake in a major professional sports team.

The team did not disclose financial terms of the deal.

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