NEW ORLEANS – New Orleans Hornets Owner George Shinn announced today that he has agreed to sell a 25 percent share of his NBA franchise to Galliano, La., native and businessman Gary Chouest.

The Shinn family retains a controlling 75 percent interest in the team.

"This is a special day for our franchise, and I am extremely proud to welcome my new partner into the Hornets family,” said Shinn." Gary shares a passion for the game of basketball and a commitment to the long-term success of the NBA in Louisiana.  Together we will make this organization a winner both on and off the court, and something of which our fans throughout the Gulf South region can be proud.”

Chouest is the president and chief executive officer of Edison Chouest Offshore, which operates the largest independently owned fleet of seismic and research vessels in the world.  He is a longtime Hornets season ticket holder and noted basketball enthusiast.

“I admire George, Chad and the entire Shinn family for believing in New Orleans and Louisiana,” said Chouest.  “They faced the same issues that all of us have over the past two years, and their decision to return home and take on the challenge of rebuilding our communities is an inspiration to us all.”

The agreement caps a two-year search for local investors and comes just prior to the team’s ticket sales campaign, which begins in earnest after the NBA schedule is released in early August.  Securing local investors is one of the four critical components of the team’s business plan, along with building fan and corporate support, and a practice facility adjacent to the New Orleans Arena.

“Now that we have a strong local investor and a good head start on ticket sales and corporate partnerships, the time is right to finalize an agreement with the State of Louisiana on a lease extension and practice facility that will cement our future in New Orleans,” said Shinn.

 - Hornets.com - 

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