Economy

NBA Buys The New Orleans Hornets, Values Team At $300 Million

The NBA has purchased the New Orleans Hornets from majority owner George Shinn and minority owner Gary Chouest. Shinn founded the team in Charlotte, North Carolina, in 1988 and moved it to New Orleans in 2002.

Chouest has been trying to buy the team from Shinn, without success. The NBA thinks the team is worth $300 million and hopes to sell to owners who would keep the team in the Crescent City.

Going in to Monday night's game against the Pacers, the Hornets are 16-11 and in third place in the Western Conference's Southwest division, 7.5 games back of San Antonio.

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