The NBA has scheduled a 4:30 PM Eastern conference call to answer questions about and possibly announce a reported takeover of the New Orleans Hornets.
NBA To Discuss Future Of New Orleans Hornets, Possible Takeover
This weekend news broke that the league was close to negotiating a purchase of the Hornets franchise from longtime owner George Shinn. The NBA is expected to manage the team while looking for a permanent owner who would vow to keep the Hornets in New Orleans.
Rumors suggest Hornets president Hugh Weber -- the brother-in-law of Shinn -- would remain in place, as would general Dell Demps. The Hornets are on pace to fail to meet attendance standards that, if not exceeded by January 31, 2011, would allow the team to break its lease with New Orleans Arena, paying the state of Louisiana a severance fee of just $10 million.
That would open up plenty of options for the Hornets, provided that the franchise has an owner by this spring, when a relocation decision would have to be made.
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