NBA Basketball News, Rumors
nba basketball news rumors



InsideHoops Home | NBA Basketball | College Hoops | High School | Streetball | Rucker Park | NYC | Minors | WNBA | World

  NBA NEWS & RUMORS
News
NBA rumors
Media Links
Basketball Blog

  EMAIL & FORUMS
Message Board
Free Email

  SCORES & STATS
Scores
NBA Stats
Previews
Recaps
Standings
NBA Video
Schedule
Transactions

  NBA FEATURES
Fantasy Basketball
Power Rankings
NBA Awards Watch
NBA Articles Archive
NBA Salaries
Free Agents
Interviews
Depth Charts
MVP Race
Rookie Watch
NBA Draft
NBA Mock Draft




  MORE BASKETBALL
History
NBA All-Star Weekend
Business
Playing Tips
NBA Throwback Jerseys

  MORE LEAGUES
Olympics
World
USA
Minors
Summer

  WEBSITE INFO
About Us
Write For Us
Advertise
Contact Us


NBA is buying the Hornets

 
Knicks forward Julius Randle speaks on 2OT win over Celtics
No firm timetable yet for return of Bulls guard Coby White
Deandre Ayton speaks on lack of Suns extension agreement
G League: Raptors 905 coaching staff announced
Pelicans and Jonas Valanciunas agree to contract extension
Jaylen Brown had some breathing issues due to COVID-19
Jim Boylen named head coach of November 2021 USA Basketball World Cup Qualifying Team
DeMar DeRozan buys new Chicago mansion
Celtics re-sign Jabari Parker
Timberwolves exercise contract options on Anthony Edwards and Jaden McDaniels
Raptors exercise contract options on Precious Achiuwa and Malachi Flynn
Lakers add Avery Bradley via waiver wire
Hawks sign Kevin Huerter to contract extension
Pacers sign Malcolm Brogdon to contract extension
Grizzlies sign Jaren Jackson Jr. to contract extension
Rockets add Garrison Mathews, waive Anthony Lamb
Spurs exercise contract options on Keldon Johnson and Devin Vassell
Hornets waive Wes Iwundu
Lakers sign Jay Huff to two-way contract
Celtics sign Brodric Thomas to two-way contract
Raptors waive forward Ishmail Wainright
Memphis Grizzlies waive Kris Dunn, David Stockton and Matthew Hurt
OKC Thunder waive Mamadi Diakite, Justin Jaworski and Oliver Sarr
Trail Blazers waive Patrick Patterson, Marquese Chriss and Quinn Cook
Timberwolves waive forward Vince Edwards
Orlando Magic waive Admiral Schofield, B.J. Johnson, Jeff Dowtin and Hassani Gravett
Utah Jazz waive forward Nino Johnson
Mavericks waive Justin Jackson and EJ Onu
Sacramento Kings exercise contract option on Tyrese Haliburton
Dallas Mavericks sign Justin Jackson and E.J. Onu
Dallas Mavericks waive Carlik Jones, Feron Hunt and Tyrell Terry
Miami Heat waive DJ Stewart, Javonte Smart, Micah Potter and Dru Smith
Rockets sign Daishen Nix, waive Marcus Foster
Atlanta Hawks exercise contract options on De’Andre Hunter, Cam Reddish and Onyeka Okongwu
Timberwolves waive Brian Bowen II, Chris Silva, Matt Lewis and Isaiah Miller
Grizzlies sign David Stockton, waive Ahmad Caver
Kings waive forward Emanuel Terry
Timberwolves sign forward Vince Edwards
Lakers waive Joel Ayayi, Chaundee Brown Jr., Cameron Oliver and Trevelin Queen
Pelicans waive John Petty Jr.
Utah Jazz sign forward Nino Johnson
Utah Jazz waive Derrick Alston Jr., Marques Bolden and MaCio Teague
Charlotte Hornets waive Jalen Crutcher and Cameron McGriff
Rockets sign Armoni Brooks and Marcus Foster, waive Tyler Bey
Grizzlies sign Ahmad Caver and Matthew Hurt, waive Sean McDermott and Romeo Weems
Lakers waive guard Mac McClung




"LIKE" US ON FACEBOOK


 






| Dec. 6, 2010

NBA buying HornetsNBA Commissioner David Stern announced today that the NBA is proceeding with the purchase of the New Orleans Hornets, following Gary Chouest’s decision not to proceed with the acquisition of the interest of majority owner George Shinn. The transaction is subject to a vote by the NBA’s Board of Governors, which will likely occur next week.

“George Shinn has been an exceptional owner for New Orleans and Gary Chouest has been extraordinarily supportive as a minority owner,” said Stern. “However, in light of the uncertain economic situation in New Orleans and Louisiana, Gary has decided not to move forward with the purchase of George’s majority interest although he was prepared to remain an investor in the team. 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. The Hornets have a strong management team in Hugh Weber, Dell Demps, and Monty Williams and we have recruited Jac Sperling, a seasoned sports executive and New Orleans native, to be the team’s chairman and governor, with Hugh serving as president and alternate governor. I have notified Governor Jindal and Mayor Landrieu about this transaction and will continue our dialogue with them about ways to strengthen the franchise for new ownership in New Orleans.”

According to Shinn, “When we were unable to complete the transaction with Gary, I suggested to the Commissioner that the league consider the purchase of the Hornets. I wanted to ensure that the team remained in New Orleans, if that was possible, and recognized that the league could provide the necessary funding while a new owner was sought in New Orleans and negotiations with the city and the state could continue.”

“New Orleans owes a debt of gratitude to George for bringing NBA basketball back to the city,” said Chouest. “I have greatly enjoyed the experience with the Hornets and, of course, will continue to support the team.”

Sperling – who founded Grit Rock Ventures, LLC, an investment company focused on sports, media and entertainment business, and is Vice Chairman of Minnesota Sports and Entertainment (MSE), the parent company of the National Hockey League’s Minnesota Wild – will bring his more than 20 years of sports-industry experience to the operation of the Hornets.

“George, Gary and Hugh have done a tremendous job building up and developing a franchise that delivers fun, exciting and memorable experiences for its fans on and off the court,” said Sperling. “The league has assured me that management will have the necessary resources to build on that success and grow the business through increased ticket and sponsorship sales, keep the team competitive and further the team's relationship with the fans of New Orleans.”

“Our purpose and resolve will always be to build the Hornets into a championship contender and continue to use our resources to build a legacy in our great community,” said Weber. “I’m privileged and fortunate to have worked for such supportive and collaborative owners in George and Gary and am delighted that they both will remain available to us to provide their counsel during this period of transition and beyond.”

Read fan reaction and share your own opinion in this forum topic.


nba basketball news rumors








MAIN BASKETBALL SECTIONS
NBA Basketball
College
High School
Streetball
WNBA
D-League
Basketball Forum
BASKETBALL SOCIAL MEDIA
RSS (of our blog)
On Twitter
On Facebook
On Instagram
On YouTube
On Google+
KEY BASKETBALL WEBSITE INFO
About Us
Contact Us
Advertise
Write For Us

All content copyright © 1999-2019, InsideHoops.com. All rights reserved. Privacy Policy. Terms of Use.
Partner with USA TODAY Sports Digital Properties. Owned by InsideHoops Media Inc.