'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
The Hornets and State of Louisiana have reached an agreement in principle that would keep the NBA club in the New Orleans Arena through 2024 and pump about $50 million in improvements into the stadium.
The NBA's appointed governor of the Hornets stood in one of New Orleans' historic homes near City Park, in a room where large wood-framed windows were adorned with luxurious curtains long enough to touch the hardwood floors.
The man picked by the NBA to oversee the Hornets after the league's takeover of the franchise said Tuesday his assignment is to make the club more attractive to a buyer who would keep the team in New Orleans.
NBA Commissioner David Stern confirmed on Monday that the league is proceeding with its plan to buy the New Orleans Hornets from majority owner George Shinn and minority owner Gary Chouest.
New Orleans Hornets owner George Shinn has agreed to sell the club to the NBA and the transaction could be completed within a couple days, according to a person familiar with the decision.
Jac Sperling, who was appointed by Stern to oversee the club while it is owned by the league, said in a meeting with reporters that the governor and team "have a high degree of confidence" that both steps necessary for the lease to take effect will be completed.
"We wouldn't be sitting here today having this conversation if we didn't have that confidence," Sperling said, adding that an announcement on a new owner is probably "weeks away."