The Historic Sale of the Hornets to the NBA
The sale of the New Orleans Hornets to minority owner Gary Choust has recently fallen apart.
In order to keep the team in New Orleans, the current owner George Shinn has reached out to the NBA to buy the team.
In order to keep the team in New Orleans, the current owner George Shinn has reached out to the NBA to buy the team.
If the NBA were to buy the Hornets, this would represent an unprecedented move in league history.
The current value of the New Orleans Hornets is $267 million, according to Forbes. The NBA will be responsible to personally finance 30% of this cost ($80.1 million, although this figure is, of course, not exact, as a team’s value is truly only the value that can be agreed upon by the seller and the buyer) because of league rules regarding financing.
The current value of the New Orleans Hornets is $267 million, according to Forbes. The NBA will be responsible to personally finance 30% of this cost ($80.1 million, although this figure is, of course, not exact, as a team’s value is truly only the value that can be agreed upon by the seller and the buyer) because of league rules regarding financing.
