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.

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