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
photoDegree Do:More Moments Week 5
See how the NBA's best continued to push their teams in the Playoffs.
photoGeorge: Physical Pacers
Indiana's Paul George talks about the Pacers' physical brand of basketball.
photoDavid West on Defending Bosh
David West talks about having to guard Chris Bosh and his predicts that the Pacers will have to face a healthy Dwyane Wade.
photoGeorge on the Heat
Indiana's Paul George talks about taking on the Heat and LeBron James.
photoFrank Vogel on Matchups
Frank Vogel talks about some of the key matchups heading into Game 1 of the Eastern Conference Finals.

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.