DEVELOPING: NBA Completes Hornets Purchase

The NBA has announced that its board of governors has given its anticipated approval of the purchase of the New Orleans Hornets.

Commissioner David Stern announced back on the 6th that the league intended to buy the Hornets from majority owner George Shinn and minority owner Gary Chouest.

Shinn had been trying to sell the club to Chouest since last spring but negotiations stalled and Chouest backed out of Round One of negotiations.

Stern says the franchise is worth about $300 million and that the league will look to sell the club to a more permanent owner, preferably one that would continue to operate the team in New Orleans.

The Hornets were founded in Charlotte by Shinn in 1988 and moved to New Orleans in 2002. According to the league, Jac Sperling, a New Orleans native and sports executive with over 20 years of sports-industry experience, will serve as the team’s chairman and representative on the league's Board of Governors.

Team President Hugh Weber will continue directing the day-to-day activities of the team.

Here's Paul Murphy's piece on the local groups trying to keep the Hornets local...
((HT: WWL-TV))

New Owners For Hornets...???

((HT: WWL-TV))

Monday, New Orleans attorney Morris Bart made an offer to buy 10 percent of the team. Bart said former minority owner Gary Chouest, who passed on buying the team outright, is still interested in the franchise.

"You have to have the major investor and hopefully that would be Gary Chouest who has expressed to me in the last few days that he is still interested," said Bart. "He's interested in acquiring more than 50 percent of the team."

But, remember, Chouest was interested, but not under current terms put out by George Shinn and/or the NBA.

Bart and a group of local investors would buy the minority share of the team...

The current lease agreement expires in 2014...
Paul Murphy explains...

George Shinn Looking For A New Dance Partner

A person familiar with negotiations says talks over the possible sale of the NBA's New Orleans Hornets between majority owner George Shinn and minority owner Gary Chouest have reached an "impasse" and that Shinn now wants to speak with other possible buyers.

Shinn's preference is to deal only with investors who want to keep the Hornets in New Orleans. Shinn and Chouest have yet to publicly discuss the sale.

Shinn, who underwent recent treatment for prostate cancer, has said he wants to focus more on his charity work, his faith and write a book.

Chouest, who bought 25 percent of the club in 2007, owns a Louisiana company that builds and operates boats for the offshore energy industry.

Obviously, more when we know more, but...

The HQ would like to remind everyone about the last time Shinn got a wild hair up someplace and decided he didn't like where he was...

((HT: d4w4c4/NBA))