Click here to Skip to main content
LATEST HEADLINES - NBA NEWS

NBA completes Hornets purchase


Posted Dec 20 2010 5:49PM

NEW ORLEANS (AP) -- The NBA has completed its purchase of the New Orleans Hornets.

The league announced Monday that its board of governors has given its anticipated approval of the purchase.

NBA Commissioner David Stern announced Dec. 6 that the NBA 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 had stalled.

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.

SEARCH NEWS
LATEST VIDEOS
photoNBA, Harman Announce Partnership
Harman International has signed a multi-year pact with the National Basketball Association.
photoThe Stars of the NBA.com Top 10
Here are the top 5 stars of the NBA.com Top 10.
photoGameTime: Happy 80th Birthday Elgin Baylor
The NBA TV family wishes NBA legend Elgin Baylor a happy 80th birthday.
photoGameTime: Smitty's Top 5 Guys Under the Radar
Steve Smith gives his top 5 guys under the radar from the 2014 FIBA Word Cup.
photoGameTime: Best Offseason Moves
The guys talk about the best offseason moves so far this summer.

Copyright © NBA Media Ventures, LLC. All rights reserved. No portion of NBA.com may be duplicated, redistributed or manipulated in any form. By accessing any information beyond this page, you agree to abide by the Privacy Policy / Your California Privacy Rights and Terms of Use. | Ad Choices Ad Choices

NBA.com is part of Turner Sports Digital, part of the Turner Sports & Entertainment Digital Network.