Home »
» NBA to buy Hornets
NBA to buy Hornets
(Reuters) - The National
Basketball Association said
it agreed to buy the New
Orleans Hornets from
majority owner George
Shinn after a deal to sell
the team to minority
owner Gary Chouest fell
through.
The league said on Monday that
Chouest decided not to buy the
team because of economic
uncertainty in New Orleans and
Louisiana.
"In the absence of any viable
purchaser seeking to own the
Hornets in New Orleans, I
recommended to the NBA Board
of Governors that the best way
to assure stability and the
adequate funding of the
franchise would be for the
league to step in, and complete
the transaction and assume
control," NBA commissioner
David Stern said in a statement.
No deal value was immediately
disclosed.
Stern said the league recruited
Jac Sperling, vice chairman of the
parent company of the NHL's
Minnesota Wild,to be the team's
chairman and governor.
The deal is subject to a vote by
the NBA's Board of Governors,
which will likely take place next
week.
No comments:
Post a Comment