TF30277: You do not have sufficient permissions on the Windows SharePoint Services at {0} to create a new site

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This error occurs when the permissions granted your user account on the Windows SharePoint Services server {name} are not sufficient to allow you to create the new SharePoint Services site. A SharePoint site is used as the project portal. You must be granted specific permission by the Windows SharePoint Services administrator.

To correct this error

Contact the administrator for the Windows SharePoint Services server {name} and ask that your user account be added to the Site Administrator group. Your Team Foundation Server administrator may also be able to grant you the required permission.