NBA Finalise Hornets Buy-Out

December 21, 2010

A deal has now been completed which has seen the New Orleans Hornets become the first ever National Basketball Association (NBA) side to be owned by the league itself. The NBA’s acquisition of the team has long been suspected but is now finalised after previous owner George Shinn was forced to sell the franchise due to financial troubles.

The NBA will run the side until a new owner can be found after New Orleans native, Jac Sperling was placed in charge of finding the right buyer. It is believed that as a local man himself, Sperling is focusing his attentions on keeping the side in New Orleans which is also the incentive for an amalgamation of local business owners calling themselves the Hornets’ Business Council.

The group have been attempting to boost home ticket sales to prevent the side from relocating, though the Hornets still have the third lowest attendance in the league. Shinn founded the Hornets himself in 1988 in Charlotte, North Carolina. He then relocated the club to New Orleans in 2002 where they play at the New Orleans Arena.