David Stern Says Hornets Are Close to Deal That Would Keep Them in New Orleans
The Big Easy can rest easy now…or at least that’s what David Stern is telling us.
According to the AP’s Lynn DeBruin, NBA commissioner Stern plans on keeping the Hornets in New Orleans with a very generous deal:
"Commissioner David Stern says the NBA is close to finalizing a deal to keep the Hornets in New Orleans with a very favorable lease, important capital improvements, intense tax benefits and a new television deal.
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Unfortunately, a new owner still hasn’t emerged, but when asked for a timetable on a sale, Stern simply said, “Soon.” He also said that three teams were all in “intense negotiations” about a potential purchase and that he was optimistic that a deal would be completed by the time all 29 other owners convene at a meeting next week.
While the words coming from Stern’s mouth sound great, fans should take today’s news with a grain of salt. In February, the commissioner told the media multiple times that everything was heading towards a sale in the month of March (via USA Today). Now it’s April, and Stern is still trying to find somebody to foot the bill of the roughly $350 million it would take to own the Hornets.
Who is in the running? USA Today breaks down two of the groups, while the third one remains a mystery:
"One group is led by California businessman and real estate mogul Raj Bhathal, Larry Benson, brother of New Orleans Saints owner Tom Benson, and former NBA coach and executive Mike Dunleavy.
Another group is led by New Orleans businessman Gary Chouest. He was a minority owner of the Hornets and was interested in becoming a majority owner before former owner George Shinn sold to the NBA.
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The Hornets were doomed from the start this season without a clear direction to head in, and the sooner they can find a new owner, the better.
