Permission error with creating a team project from VS 2010 on TFS 2012
You must use the Visual Studio Team Explorer 2012 (included in all Visual Studio editions or may be separately downloaded) to create a team project on a TFS 2012 server. If you use VS 2010, you will get an error about not having permission. The error message is very misleading, because it’s not a problem with your permissions.
Microsoft Visual Studio
TF30172: You do not have permission to create a new team project.