- Associated Press - Monday, December 20, 2010

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.

Copyright © 2024 The Washington Times, LLC.

Please read our comment policy before commenting.

Click to Read More and View Comments

Click to Hide