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View Full Version : Hornets have an owner



Heisenberg
02-25-2012, 11:06 AM
http://www.abc26.com/news/newswithatwist/newswithaview/wgno-hornets-deal-is-done-20120224,0,4209106.column


It looks as if our New Orleans Hornets (http://www.abc26.com/topic/sports/basketball/new-orleans-hornets-ORSPT000095.topic) will stay ours for a while longer.
Although there is no word yet from the state, city, NBA (http://www.abc26.com/topic/sports/basketball/national-basketball-association-15008001.topic), or new ownership, the New Orleans Hornets, owned by the NBA, will be sold within the next 10 days to 2 weeks to an out-of-town owner.

The bad news is it's not a local owner with New Orleans ties. The good news is the new owner of the Hornets is buying the team to keep them in the Crescent City, at least until 2024, and that's great news for New Orleanians, even if you're not a basketball fan. NBA commissioner David Stern (http://www.abc26.com/topic/sports/basketball/david-stern-PEBSL000509.topic) kept his promise of finding an owner who would keep the team in New Orleans.

The new out-of-town owner will pony up $340 million for the team. Well, actually a little less. He'll have some New Orleans based minority owners putting up some of the $340 million price tag.

The arena will get some cosmetic upgrades and the state will even chip in in the form of inducements for the team.

Let's recap: an out of town majority owner. A group of local businessmen owning a minority interest. $340 million price tag. Locked and loaded in New Orleans and the Arena til 2024 with no escape clause. This is great news for the city of new Orleans and the entire Gulf south region. The Saints are here long term and now so are the Hornets.
Good for New Orleans.

McKeyFan
02-25-2012, 11:18 AM
Does this make it more or less likely that NO is active at the trade deadline?

ballism
02-25-2012, 11:25 AM
340 mil, huge price all things considered. Market, attendance, team's past issues, the Saints...
The new CBA must've made a big difference after all. Or maybe these "state inducements" are that big.

PacerPenguins
02-25-2012, 11:30 AM
bout damn time

vnzla81
02-25-2012, 11:31 AM
Does this make it more or less likely that NO is active at the trade deadline?

Less likely I would think, Stern doesn't have to make any more decisions regarding that team and I would expect the new people to evaluate the team for few weeks before making any trade.

Heisenberg
02-25-2012, 11:33 AM
Seems (http://www.nola.com/hornets/index.ssf/2012/02/group_led_by_california_busine.html) the majority group includes Raj Bhathal, an Indian California based swimwear magnate, Larry Benson, brother of Saints owner Tom Benson, and Mike Dunleavy.

I'm sure Hornets fans don't like Bhathal being based in California with Anaheim looking for a team, but if the lease runs through 2024 they shouldn't worry. They're probably also terrified that Dunleavy will want to be the GM. The NBA bought the franchise for $310mm, so does that mean all the other owners get a nice chunk of the profit?

wintermute
02-25-2012, 12:35 PM
Dunleavy Sr is a minority owner? Does that mean he'll be running the team?

FWIW, he was the Clippers GM when they drafted Gordon.

PacersHomer
02-25-2012, 01:05 PM
Bummer for Seattle.

pacer4ever
02-25-2012, 01:21 PM
Seems (http://www.nola.com/hornets/index.ssf/2012/02/group_led_by_california_busine.html) the majority group includes Raj Bhathal, an Indian California based swimwear magnate, Larry Benson, brother of Saints owner Tom Benson, and Mike Dunleavy.

I'm sure Hornets fans don't like Bhathal being based in California with Anaheim looking for a team, but if the lease runs through 2024 they shouldn't worry. They're probably also terrified that Dunleavy will want to be the GM. The NBA bought the franchise for $310mm, so does that mean all the other owners get a nice chunk of the profit?

Didn't realize Benson was in a bidding war vs his brother. Tom Benson wanted the team as well looks like he got out bid.

I have been following this for awhile and the 3 main groups were Dunleavy, Chouest and the Benson group. For some reason they have to wait for march 1st to sell the team. I am guessing they have had a deal for months because reports have been that there was a bidding war over the team. I though the NBA would go with the Chouest group because the ties he had to the city and knowing he would stay there long term regardless of how much $$ the team made.

I would guess Dunleavy is gonna run the basketball side of things. He had a great gig in LA with being the GM and the coach. This defiantly tops that now he cant be fired :laugh:

I bet the Hornets leave NO after that lease is up.

Steagles
02-25-2012, 04:26 PM
Damn I was hoping they would go to Seattle

Sent from my iPhone 4 using Tapatalk

TMJ31
02-25-2012, 05:24 PM
I am just glad that the are no longer owned by the NBA. What a headache that was for the entire league. So many bizarre things happened due to that conflict of interest.

I agree though, I wish Seattle could get a team. I've never been there before, but it seemed like a good basketball town.

Pacer Fan
02-26-2012, 02:47 PM
Glad to see the the Hornets have a owner, the madness is over!

Roaming Gnome
02-26-2012, 02:58 PM
So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to <s>carpetbag</s> acquire?

vnzla81
02-26-2012, 03:30 PM
So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to <s>carpetbag</s> acquire?

The Bobcats?

Trophy
02-26-2012, 06:58 PM
The Bobcats?

I doubt it.

I read somewhere they'd build the arena knowing a team is committed to actually going there. So I guess no one's going to Seattle for sometime.

Lord Helmet
02-27-2012, 01:31 AM
I was somewhat hoping that New Orleans would go to Seattle, and could be named the Sonics, and eventually the Bobcats could just go back to the Hornets. But that's the retro fan in me, I guess.

The reason I wouldn't feel that bad for NO is because they haven't even been there that long anyway, it isn't like they have a great history there, like the Sonics had in Seattle.

Oh well, good for them, I suppose. Losing a team sucks period.

Kegboy
02-27-2012, 10:24 AM
$340M for a very bad team in a horrifically depressed market. That's why any talk of contraction is the stupidist ****ing thing I've ever heard.

Lance George
02-27-2012, 10:26 AM
So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to <s>carpetbag</s> acquire?

The Seattle Super Pacers has a nice ring to it.

BillS
02-27-2012, 10:27 AM
The Seattle Super Pacers has a nice ring to it.

avert

Pacerized
02-27-2012, 10:28 AM
We should welcome the new owners with an offer to save them 14 mil by taking Kaman off their hands for a 2cd. round pick.

Hicks
02-27-2012, 10:41 AM
Does the price tag say anything about the new CBA, you think?

PacersHomer
02-27-2012, 01:37 PM
The Seattle Super Pacers has a nice ring to it.

I'd be worried if we were still in MSA, not in Conseco. Teams usually do not leave great arenas while also having an owner.

pacergod2
02-27-2012, 01:55 PM
Does the price tag say anything about the new CBA, you think?

More affordable to own a non-large market NBA team now? Great point by the way.

Sandman21
02-27-2012, 02:03 PM
The Seattle Super Pacers has a nice ring to it.

TO THE DUNGEONS WITH YE!:devil:

BRushWithDeath
02-27-2012, 02:20 PM
More affordable to own a non-large market NBA team now? Great point by the way.

The Pistons were sold last year for $325 million which was considered an enormous bargain because Davidson's widow wanted out quickly. I believe the quote from the Detroit Business Journal was something along the lines of, "$325 million for the team and real estate? They ripped her face off." The Warriors were sold the year before for about $100 million over their monetary value at the time. I don't see much difference.

The Pacers are currently valued at $283 million. They were valued at $269 million a year ago. Is that small uptick because of the new CBA or because of inflation and an improvement in the economy. I'd argue the latter but it's such a small change that it's hard to say.

What I do feel comfortable in saying is that if the Pacers came up for sale, the price would be well above their value and the CBA has no effect on that.

TheDon
02-28-2012, 01:58 AM
TO THE DUNGEONS WITH YE!:devil:

nah, the boo box