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Thread: Hornets have an owner

  1. #1

    Default Hornets have an owner

    http://www.abc26.com/news/newswithat...4209106.column

    It looks as if our New Orleans Hornets will stay ours for a while longer.
    Although there is no word yet from the state, city, NBA, 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 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.

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  3. #2
    Intuition over Integers McKeyFan's Avatar
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    Default Re: Hornets have an owner

    Does this make it more or less likely that NO is active at the trade deadline?
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    Over the pond ballism's Avatar
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    Default Re: Hornets have an owner

    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.

  5. #4

    Default Re: Hornets have an owner

    bout damn time

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    Default Re: Hornets have an owner

    Quote Originally Posted by McKeyFan View Post
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    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.

  8. #6

    Default Re: Hornets have an owner

    Seems 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?

  9. #7
    Artificial Intelligence wintermute's Avatar
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    Default Re: Hornets have an owner

    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.

  10. #8

    Default Re: Hornets have an owner

    Bummer for Seattle.

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    Default Re: Hornets have an owner

    Quote Originally Posted by Heisenberg View Post
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    Seems 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

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

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    Damn I was hoping they would go to Seattle

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    Default Re: Hornets have an owner

    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.
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    Default Re: Hornets have an owner

    Glad to see the the Hornets have a owner, the madness is over!

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    Default Re: Hornets have an owner

    So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to carpetbag acquire?
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    Default Re: Hornets have an owner

    Quote Originally Posted by Roaming Gnome View Post
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    So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to carpetbag acquire?
    The Bobcats?

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    Default Re: Hornets have an owner

    Quote Originally Posted by vnzla81 View Post
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    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.

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    Default Re: Hornets have an owner

    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.
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    Default Re: Hornets have an owner

    $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.
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    Default Re: Hornets have an owner

    Quote Originally Posted by Roaming Gnome View Post
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    So, if the Sacramento gets their arena financed now that New Orleans has an owner... What team does Seattle look to carpetbag acquire?
    The Seattle Super Pacers has a nice ring to it.

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    Default Re: Hornets have an owner

    Quote Originally Posted by GrangeRusHibbert View Post
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    The Seattle Super Pacers has a nice ring to it.
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    Default Re: Hornets have an owner

    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.

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    Default Re: Hornets have an owner

    Does the price tag say anything about the new CBA, you think?

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  25. #22

    Default Re: Hornets have an owner

    Quote Originally Posted by GrangeRusHibbert View Post
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    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.

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    Default Re: Hornets have an owner

    Quote Originally Posted by Hicks View Post
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    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.
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    Default Re: Hornets have an owner

    Quote Originally Posted by GrangeRusHibbert View Post
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    The Seattle Super Pacers has a nice ring to it.
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    Default Re: Hornets have an owner

    Quote Originally Posted by pacergod2 View Post
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    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.
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