TF30172: You are trying to create a team project either without required permissions or with an older version of Team Explorer

Note: The information in this article applies to Team Foundation Server 2010.

Full error:
TF30172: You are trying to create a team project either without required permissions or with an older version of Team Explorer. Contact your project administrator to check your permissions or to determine how to upgrade Team Explorer.
This error is encountered when attempting to create a team project through an older version of Visual Studio.

Please refer to the "Create a new Team Project using Visual Studio 2005, 2008 or another application" article for a resolution.