Got Questions? Discover NowWe Have Answers 1967 1970 Buccaneers Team Formation With the founding of the ABA on February 2, 1967 a charter franchise was awarded to a group of seven investors, including Morton Downey, Jr. The group obtained their franchise for $1,000 as opposed to the $30,000 fronted by most other original teams. Charles G. Smither, one of the …