The NBA said it agreed to buy the New Orleans Hornets from majority owner George Shinn after a deal to sell the team to minority owner Gary Chouest fell through.
The league said yesterday that Chouest decided not to buy the team because of economic uncertainty in New Orleans and Louisiana. “In the absence of any viable purchaser seeking to own the Hornets in New Orleans, I recommended … that the best way to assure stability and the adequate funding of the franchise would be for the league to step in,” commissioner David Stern said.
