David Stern says New Orleans Hornets have plenty of local buyers – NBA Update
NBA Commissioner David Stern has revealed in a recent interview that the New Orleans Hornets are courting interest from around 4 to 5 buyers from with the state of Louisiana. The Hornets have had interested parties before, however
most of them wanted to move the franchise after taking over. The presence of local buyers means that the Hornets could stay in New Orleans for the foreseeable future.
David Stern had revealed earlier that he saw New Orleans as a pretty profitable team in the near future. The Hornets are owned by the NBA and since taking over the franchise, the league has been looking at ways to improve its overall
financial situation. Ticket sales, better sponsorships, lower rent for the arena etc. can allow Hornets to be a major force soon enough.
However the NBA cannot forever run the franchise and sooner or later it is going to go under private ownership. Most of the interested buyers were so far believed to be from outside the city of New Orleans who would take the franchise
elsewhere once in power. Stern though has revealed that it is not the case,
“We have four or possibly five buyers that engaged us about the purchase of the franchise to remain in Louisiana,” said Stern. “We have said that we’re happy to continue conversations, but we need to complete all of the things
we’re working on and have a better idea on where the collective bargaining agreement is going to land.”
David Stern though refused to identify the prospective buyers. Hornets are one of the more attractive teams up for sale currently in the NBA. There value is set to increase further once a new CBA is in place. Currently the league
has locked out its players after failing to come decide upon conditions for a new Collective Bargaining Agreement. The situation is dragging on, but will be resolved sooner or later.
Whatever the final shape of the CBA might be, it is bound to favour the owners much more than the previous on did. They would definitely have a larger share of the BRI, while owners are also pushing for smaller and non-guaranteed
contracts. What is most important from the Hornets perspective though is revenue sharing. If the idea is properly implemented in the new CBA then smaller market teams would become much more viable financially.
There is no doubt that the interested parties in New Orleans Hornets would have an eye on all these factors. The fans of the franchise however will be hoping that on court fortunes of the team can also take a turn for the better.
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