Back up and restore in wss 3.0

I have wss3.0 installed and have integrated Team foundation server with it. I am facing difficulty during recovery. When i try to create a new Team Foundation Project(as a part of recovery steps) in Visual Studio for installed Team foundation server, it throws following error: An unexpected error occurred: TF50309: The following account does not have suffi cient permissions to complete the operation: xyz\abc. Check the permissio ns for the account and grant the appropriate permissions to perform t开发者_JS百科his operati on.

Can someone please help on this.

Note: 1) I have changed the Identity Attribute in application pool, it doesnt works. 2) Visual Studio is running with administrator rights. 3) logged on user is having administrator rights.

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Do you have rights on the sharepoint site collection to create a new site?