CHARLOTTE, N.C. — Bob Johnson isn't accustomed to losing money.

The billionaire founder of Black Entertainment Television is a successful businessman. He sold BET for $3 billion and has a hand in numerous profitable ventures, including real estate, financial services and video gaming machines.

But Johnson's profit streak ended in 2003, when he paid the NBA $300 million for the expansion Charlotte Bobcats, becoming the first black majority owner of a major professional sports team.

As the Bobcats close their third season Wednesday, out of the playoffs once again, Johnson has lost millions. The team has struggled to win games and to attract fans and advertisers. Forbes magazine listed the Bobcats as the only NBA team to lose value in the past year.

Still, Johnson remains committed and — for the first time in his business life — prepared to lose more money.

"Anybody who has a team, just by the nature of owning a sports team, you lose money," Johnson said in a recent interview with The Associated Press in his arena office. "Because if you take the same $300 million I gave to the NBA, I take that same $300 million and give it to my local hedge fund manager, I'm way ahead with the hedge fund guy.

"So, obviously you're prepared to lose money when you buy a basketball team, and obviously I've fulfilled that requirement."

But make no mistake, Johnson isn't content to keep losing money. He has replaced his front office staff, brought in Michael Jordan to run the basketball operations and urged NBA commissioner David Stern to implement revenue sharing for small-market teams such as his own.

"I take a long-term view of this investment, this opportunity to be a sports team owner in a city like Charlotte," Johnson said. "To me, it's a vibrant market in terms of the economic development that is taking place."

Johnson has made a series of missteps.

He wasn't prepared for the backlash from Charlotte fans over the Hornets' ugly move to New Orleans following a failed referendum to build a new arena. When the team left in 2002, the NBA quickly brokered a $265 million arena deal with the city to bring in a new team. The thinking was the city's anger was directed at Hornets owner George Shinn, not the NBA.

But the crowds have been slow to return in Charlotte, where the Hornets led the NBA in attendance for seven straight years. The Bobcats' average of just over 15,000 fans a game ranks 27th out of 30 teams in the NBA.

"I don't think Bob anticipated it would be this hard. I think someone in the league sold him a bill of goods about how easy it was going to be," said Felix Sabates, a NASCAR team owner and Bobcats minority investor. "I think the NBA, they were pretty anxious to put in a new franchise for $300 million. I don't think the NBA did a very good job of researching the market before they came back in here."