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.