New Orleans Hornets: NBA Takes Over Struggling Franchise

December 7, 2010   ·   Adam Lazarus   ·   Jump to comments

New Orleans Hornets players now work for the NBA. Literally.
The league has agreed to buy the franchise from majority owner George Shinn and minority owner Gary Chouest.
A deal between Shinn and Chouest reportedly fell through recently.
The league has not released how much they are purchasing the team for, but NBA Commissioner David Stern estimated the team's value at $300 million.
Future ownership of the team is not the only question facing the franchise. Although star point guard Chris Paul does not become a free agent until 2012, he has expressed displeasure with his contract and there have been many rumors about him being dealt.
Despite all the turmoil (firing their head coach last year, missing the playoffs just two years after winning the Southwest Division) the club started out the 2010-11 season on fire.
The club won 11 of their first 12 games (losing their only game by three points at Dallas), but has lost six of their last eight games.
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