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...

Will the NBA buy the New Orleans Hornets? UPDATE--Answer is yes!

Hornets Logo/Courtesy: sportige.com

It sure looks like they will. The guy who owns the team. Perennial chaotic owner George Shinn no longer wants to be the owner. We aren't exactly clear why.

Minority owner Gary Chouse (he owns 35 percent of the team) wants to buy them....but. Though there was an agreement in place for that to happen back in May, it still hasn't happened. Chouset, hasn't spoken to anyone, much less the media, so we don't know why.

Read a pretty good summary from NOLA.com RIGHT HERE

The team, can opt of their lease if attendance doesn't average 14,735 fans per game by the end of January. They aren't on pace for that.

For their part. The NBA hasn't commented publicly as to what they intend to do, but the belief by most is they'll step in because they desperately want the team to stay in New Orleans. Remember, this is the team that started their lives in Charlotte, but moved when Shinn didn't want to stay there after having some "issues".

It sure sounds like the league will have to take over. The question is..."Will they have anymore luck finding a buyer?". Maybe. Nobody knows. This hasn't happened before.

**UPDATE MONDAY AFTERNOON**--The NBA announced today that they are going to buy the team for somewhere around $300 million. We assume they will try and flip it to another owner since Chouse has indicated he won't be buying the team.

Here are the Hornets, knocking off the team we all love to hate, the Miami Heat. Thanks YouTube:

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))

Shinn Pledges Sports at UNO Next Year

((HT: WWL-AM 870/Dave Cohen))

One of the biggest fans of sports in New Orleans is making a bold pledge today about the future of athletics at the University of New Orleans.

It comes less than a week after UNO students voted against paying higher fees to save sports and make up for budget cuts.

The owner of the New Orleans Hornets today pledged that he will ensure there will be sports at the University of New Orleans next year.

"That's a promise!" George Shinn announced. Student athletes filling the room gave him a standing ovation after he detailed plans to launch a fundraising drive. "I'll make the first pledge and use that as a vehicle to get other people to match it."

Shinn also said he is going to buy season tickets and urges everyone to follow his lead.

UNO Chancellor Tim Ryan was optimistic, but not ready to promise there will be sports next year at UNO. He says he will help Shinn raise the cash, but adds "there are no guarantees" they can find all the funds needed to keep athletics alive at UNO.

"I'm comfortable telling them we are going to bust our butts to make it happen," Ryan told WWL First News.

Ryan says the real issue is getting the legislature to stop the "obscene amount" of cuts to higher education in the Jindal budget.

Rob Masson has the details from our friends at WVUE-TV/Fox 8