HoopsHype George Shinn rumors

October 10, 2010 Updates

Of course, publicly, Paul continues to say all the right things about wanting to stay in New Orleans. But the franchise remains in a salary-shedding mode, and other than David West, he's not surrounded by a lot of big-time talent. Without Chouest's deep pockets, the prospect of Shinn putting in the kind of money it will take to bring in more talent for Paul is considered beyond remote. "No deal has been reached," said the league official. "And the price being mentioned - $425 million, which is not just for the team, but also for the building (the Palace of Auburn Hills) and two amphitheaters where they have concerts - is at the very high end." New York Daily News

July 29, 2010 Updates
July 22, 2010 Updates

The pitch is expected to include reminders that the Hornets, despite ongoing uncertainty about the proposed ownership transfer from George Shinn to Gary Chouest, had a payroll close to the luxury-tax line last season and would have been in tax territory again next season if not for the draft-day deal that sent Morris Peterson to Oklahoma City. The Hornets, sources said, will use that reminder to support their claim that they have shown a willingness to spend in recent seasons but spent their money poorly. Sources maintain that Paul's increasingly strained relationship with former GM Jeff Bower was a major factor in Bower's dismissal, but Weber contends that Demps -- after five seasons in the Spurs' highly respected front office -- will make better use of New Orleans' resources. ESPN.com

A more pragmatic reality is that Hornets are a middling team who, league sources say, have been calling around looking to dump salary. There are a lot of different stories you can use to rally your fanbase -- good ones include: we're young and growing, we're fun to watch, or we're contenders. ESPN.com

July 21, 2010 Updates

Hornets minority partner Gary Chouest has had a verbal agreement to buy out majority owner George Shinn since early May, but the two have been slow to hammer out a final sale. Neither owner has spoken about the cause of the holdup. Weber has said only that the negotiations have been "complicated'' and further slowed by the Gulf of Mexico oil spill, which has affected Chouest's Louisiana-based offshore oil supply business. "Nobody had predicted ... that the worst environmental disaster in U.S. history was going to happen, which is a big part of the Chouest family's focus right now,'' Weber said. SI.com

July 19, 2010 Updates

The New Orleans Hornets’ transfer of ownership remains stalled because co-owners George Shinn and Gary Chouest are $24 million to $30 million apart in negotiations, according to two sources. Chouest’s unwillingness to agree to Shinn’s estimated value of the team is why he is seeking outside investors, sources close to the situation said. Chouest also is leery about the potential for a lockout after next season if the league owners and players association cannot finalize a new collective bargaining. New Orleans Times-Picayune

July 17, 2010 Updates

The New Orleans Hornets’ transfer of ownership remains stalled because co-owners George Shinn and Gary Chouest are $24 million to $30 million apart in negotiations, according to two sources. Chouest’s unwillingness to agree to Shinn’s estimated value of the team is why he is seeking outside investors, sources close to the situation said. New Orleans Times-Picayune

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