HoopsHype George Shinn rumors

November 13, 2014 Updates

Silas coached the Hornets until 2003, piloting the franchise through its move to New Orleans. He was fired after leading the team to a strong 47-35 record, but then falling to the Philadelphia 76ers in the first round of the playoffs. Silas laughed when he recalled how he found out about the firing. Reporters had arrived at his door to ask about it, and Silas simply walked next door to team owner George Shinn’s house. “You don’t want to kick my ass, do you?” Shinn asked, according to Silas. “I grabbed him and said, ‘George, you gave me nothing but a great career. I love you man.’ We became buddies after that, but he thought we were going to go at it.” Grantland

December 11, 2012 Updates

George Shinn, the former owner of the Charlotte, and New Orleans, Hornets, calls Tuesday from Nashville. He lives outside Nashville and operates his charitable Trulight Foundation there. His message is clear. When New Orleans’ NBA franchise relinquishes the Hornets’ name, Bobcats’ owner Michael Jordan should pounce on it. Shinn, 71, backs up a little and says he isn’t telling Jordan what to do. “If Michael sees fit, I’d like to help,” Shinn says. He says the Hornets nickname would be great for Jordan, Jordan’s team and the community. “It was never my name,” says Shinn. “It belonged to Charlotte.” Raleigh News & Observer

September 10, 2012 Updates

According to his employees, Jordan has been sticking to his new plan, stepping away from the draft board and into the boardroom. Jordan, for his part, declined to be interviewed for this story, citing a summer schedule packed with "face of the city" obligations before and during the Democratic National Convention, held at the Bobcats' arena. That's just one part of finally taking on the burden of repairing bridges with the city long ago napalmed by Bob Johnson, who laid off his community relations staff to save cash, and former Hornets owner George Shinn, who relocated the team to New Orleans while keeping his middle finger fully extended. ESPN.com

April 13, 2012 Updates

Sources close to Bhathal’s group said Thursday that it has been Bhathal’s focus from the beginning to keep the team in New Orleans and that Bhathal has the financial wherewithal to consummate a purchase. Chouest, the source said, did not want to be a majority owner of the Hornets, but wanted to be involved on a basis similar to his previous minority ownership with founding owner George Shinn. Chouest initially purchased a 25 percent stake in the Hornets and absorbed an additional 10 percent through a series of financial contributions over the years. New Orleans Times-Picayune

March 22, 2012 Updates

Paul consistently expressed a desire to be a Hornet, saying things like, "Right now my position is to win a championship right here in New Orleans." That became untenable, though, when the team's financial prospects were so shaky that the NBA had to take over the team when no local owner stepped in to buy it from George Shinn. How could Paul commit to being an employee when no one committed to being the boss? "Not having an owner played a major part in it," said C.J. Paul, Chris' brother. "Anything could happen." ESPN.com

October 26, 2011 Updates

The authors of the letter were Paul Allen of Portland, Herb Simon on Indiana, Bob Johnson of Charlotte, George Shinn of New Orleans, Larry Miller of Utah, Michael Heisley of Memphis, Glen Taylor of Minnesota and Herb Kohl of Milwaukee. Johnson and Shinn have since sold their teams and Miller has passed away, giving way to his son, Greg. But the situations in those markets haven’t changed. In essence, that letter is the root of the current lockout. And, it is turning out, perhaps a core reason the owners can’t make a deal with the players after more than two years of negotiations. ESPN.com

July 16, 2011 Updates

Since the CBA debate is first and foremost about the money, the financial reasons for eliminating the worst-performing teams couldn't be more compelling. The leader in the clubhouse is New Orleans, and there simply is no close second. The team was taken over by the other 29 owners last December with $90 million from league reserves, a $70 million loan from outgoing owner George Shinn and undisclosed additional debt, according to the Sports Business Journal. (At 3 percent interest and a two-year repayment schedule, that means the league still owes Shinn about $50 million.) Even before the league takeover, the Hornets were a bottomless pit of misallocated resources. According to the '09 statements, the Hornets' ownership group was carrying $111 million in long-term debt, including $73.8 million borrowed from the league credit facility. Of the latter amount, $22.7 million is due in June 2013 -- although previous maturity dates were renegotiated and extended because, obviously, Shinn and his partners were tapped out. CBSSports.com

April 12, 2011 Updates

George Shinn said he sold the Hornets for about $50 million less than he could have because he wants the club to remain in New Orleans, and he would be willing to buy back in as a minority investor should a viable Louisiana ownership group come together. Shinn, who has rarely been to New Orleans since selling the club to the NBA in early December, returned Monday to present $500,000 from his foundation to a Salvation Army program aimed at helping the working poor find stable housing. Afterward, Shinn said he plans to donate much of his wealth to charity, and for the same reason, rejected a $350 million offer from Oracle founder and CEO Larry Ellison. "He sent me an offer in writing and I just couldn't find it in my heart to do it," Shinn said, adding that he worried Ellison would move the club to the West Coast. Houston Chronicle

April 11, 2011 Updates

Former New Orleans Hornets owner George Shinn made a $500,000 contribution on behalf of the George Shinn Foundation to The Salvation Army today in a ceremony featuring Shinn, New Orleans City Council President Arnie Fielkow, Hornets President Hugh Weber and Captain Ethan Frizzell from The Salvation Army. The funds will be distributed through The Salvation Army to provide housing opportunities for families in the Southeast Louisiana region. “New Orleans is a special city that I will always consider home, and I want to continue to use my blessings and resources to positively impact the lives of those who share my love for this city,” said Shinn. “My goal is continue to leave a lasting legacy in this community that will only help brighten the future of New Orleans and its residents.” NBA.com

April 10, 2011 Updates

For a long time it seemed that the sale to Gary Chouest was going to go through. Can you tell the fans what happened and why did the deal fall through? George Shinn: That’s a good question. I can’t really respond to what was going on in Gary’s mind, because it wouldn’t be fair for me to do that. But really, the only person that knows the answer about that is Gary. (Chouest has not commented about the breakdown of the deal). I suppose the timing was just not right for him. But the timing was right for me. I’m just trying to look forward to my future, doing things with my foundation. After going through this cancer scare, I just made the decision that this was something I had to do to help my kids get their life in order, put together a trust for them so they could get their lives going instead of all of us clinging to the team. And with all the uncertainty and whatever, I felt it was time to do it. New Orleans Times-Picayune

Shinn: There’s been a lot of misconception, I think, that Gary and I fought and didn’t communicate toward the end. That’s just not true. I care deeply for the community. When Gary Chouest wasn’t going to buy the team, the NBA purchasing the team was the best option for me and for the club to remain in New Orleans. In my conversation with David Stern, I told David, ‘My goal is to keep the team there. If you guys will work to that goal, I’d be happy for you guys to take it and go with it.’ And so, here we are. New Orleans Times-Picayune

Shinn: One of those questions was the team’s financial condition. Shortly after the NBA takeover, reports indicated the team was burdened with a great deal of long-term debt (about $111 million). How did the team get into that long-term debt that seemed to be prevalent? I think our long-term debt situation came when we started to try to build a team. When we first signed Peja (Stojakovic) and we signed him to a big (five years, $64 million) contract, and for the next year we wanted to take another step forward and the way to do that was to sign another free agent. And Morris Peterson was there (four years, $23 million). I talked to our GM at the time, Jeff Bower. We wanted to sign him, and it was going to cost money. We had to get rid of some other players to get our payroll down. During that time, we didn’t get rid of those players. New Orleans Times-Picayune

There has been a lot of conjecture whether the community can support the Hornets. Do you think this team can survive here given the right set of economic circumstances? Shinn: I’ve always felt that. People have to understand, I will be 70 years old next month, and I’m not a spring chicken anymore. If I had been 40, I would have fought this thing tooth and toenail until the end. I would have not had made this decision had I not been the age I am, and I’d been through this battle with cancer and had I not gotten myself so right with the Lord it was time for me to start giving back, and start spending the rest of my days serving my maker. That’s exactly what I intend to do. After going through cancer, I made the decision to do that. New Orleans Times-Picayune

April 8, 2011 Updates
February 26, 2011 Updates

By the way, I'm told (Davis') issues in NO had a lot more to do with George Shinn than Byron. Byron simply took the brunt of Baron feeling he was deceived. Again, we'll see. ESPN.com

February 15, 2011 Updates

Why the NBA felt the need to buy the Hornets from longtime owner George Shinn "We just followed the crowd. Baseball took over the Montreal Expos, the NHL took over the Coyotes, and we stepped in to make sure that the Hornets would be well operated and be made stronger. ... There was no more money that a principal owner was going to put into the team, and the negotiations [for Shinn to sell the team] had dragged on for so long that we thought it was the time to show a little love for New Orleans. So we stepped in, we continued the strong day-to-day management, we added some strengthening features, we talked with the governor and the mayor, both of whom have been tremendously cooperative together with the business community, as well. "We're out there looking for the new season-ticket campaign which has just been launched, and we're hopeful that when we put this together there will emerge a buyer who wants to own the team in New Orleans. There [is] no shortage of suitors who have contacted us who want to buy the team and take it someplace else. ... [But] that would not be our first choice at all. That's not why we stepped in and bought the team." ESPN.com

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