Yes. They are owners of a franchise. If the other NBA owners vote to force him to sell, and he refuses to actually sell the team, they could just strip him of his franchise - he woud still own the facilities, etc., but he would no longer own an NBA franchise.
Interesting. I have to educate myself about franchise business law, and how owning a franchise is different than just owning your own business outright.
Then the better term would be "franchisee" with the NBA being the franchisor. What is the limiting factor? Can the NBA Board of Governors (the "owners") always expel an owner for any reason not prohibited by law? If yes, then each owner will live in fear of his fellow owners. Dallas Mavericks Owner Mark Cuban realizes the dangerous precedent that has been set. How about the other owners/franchisees?