NBA Buys New Orleans Hornets Rights From George Shinn

After Hornets' majority owner George Shinn's failed deal with Gary Chouest the NBA Board of Governors expressed their desire to buy the share because they believe in the team's potential.

Gary declined the deal because of economic uncertainties in New Orleans.

The NBA Board, led by Commissioner David Stern said that they would help in stabilizing the Hornets management if they would acquire some of its shares.

The value of the shares has not been determined yet.

If the deal would be closed tomorrow, Jac Sperling would be the one tasked to handle the Hornets.

Next week would be the formalization of the deal as the Governors would vote for its passage.