| HORNETS CONSIDER SELLING A MINORITY INTEREST |
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| By Ken Trahan | |
| Friday, June 29 2007 | |
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NEW ORLEANS, LA - Ken Trahan - WGSO, 990 AM has learned that New Orleans Hornets owner George Shinn is on the verge of selling a 25 percent minority share of his NBA franchise to a Galliano businessman. Gary Chouest, who owns Edison Chouest Offshore, a lucrative marine supply company, is the buyer of interest. While Shinn confirms the interest from a local group and that talks are ongoing, he has vehemently denied other media reports that he intends to sell his entire interest in the Hornets. To that end, Shinn has released a statement saying, "this morning's story about the sale of the Hornets is inaccurate. While negotiations with local investors continue, I can say with absolute certainty that the Shinn family will always retain majority control of the Hornets."The Hornets have a lease with the state of Louisiana to play at New Orleans Arena through 2011. An important element regarding the future of the team in New Orleans beyond the lease expiration date is the investment of local ownership into the structure of the franchise. An important piece for Shinn and any potential investors remaining in New Orleans is the inclusion of $18 million dollars in the capital outlay bill for a practice facility the state has agreed to build for the team attached to New Orleans Arena. The state currently pays the Hornets $1.5 million dollars a year as an inducement. Shinn is reportedly in Florida today. His son, Chad, who serves as Executive Officer of the Board for the Hornets, is expected to address the issue at a 2:30 news conference at the Dryades YMCA that will include Hornets first round draft choice Julian Wright.
WGSO Sports Director and Operations Manager Bookmark       |
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| Last Updated ( Friday, June 29 2007 ) |
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