It’s Time To Get Out Of Dodge You Simply Can No Longer Make Money In The NBA It’s A Sucker’s Bet ……….
One of the low points of this NBA season has been the profound disappointment and the somewhat “inconsistent play” of the New Orleans Hornets 35-44. Once viewed as on of the “premiere teams” within the Western Conference. And unfortunately what the Hornets and their most ardent fans had viewed as a season of promise . Well, it will be one of unfulfilled promises . Injuries asides, the team never found a consistent rhythm to its play.
Much of the team’s malaise arose from the loss of their vocal leader and best player, point guard Chris Paul . Intermittently , throughout much of the season the player was on bench recuperating from niggling injuries. However, there was respite in the determined play and the rise in the star of fellow teammate Darren Collison . The two when oncourt together proved that they could be the catalyst for an offense that a great deal of the time was anemic at best. And it certainly hasn’t helped that seasoned veterans such as Peja Stojakovic and Morris Petersen have shown very little presence or purpose in their play throughout much of the regular season. And this have proven to be much more daunting for first year coach Jeff Bower , who assumed the reins after firing Byron Scott at the early point of this season. Bower had been the General Manager & Head of Basketball Operations for the organization . With the firing of Scott he assumed the position immediately , rather than hiring from outside.
The New Orleans Hornets the team is in the process of being sold prominent Louisiana businessman Gary Chouest .
Courtesy of Associated Press & Yahoo Sports
AP Source: Shinn negotiating to sell Hornets
By Brett Martell, AP Sports Writer
NEW ORLEANS (AP)—New Orleans Hornets majority owner George Shinn is negotiating to sell his stake in the NBA club to south Louisiana businessman Gary Chouest, who has owned 25 percent of the team since 2007, according to a person familiar with the situation.
The person familiar with both men’s plans and the anticipated sale, told The Associated Press on condition of anonymity Thursday because an agreement has not been signed.
Shinn, a 68-year-old businessman who made his fortune developing a chain of business schools in his native North Carolina, has been either the sole or majority owner of the Hornets since the club’s inception in Charlotte in 1988. The club moved to New Orleans in 2002 and three years ago Chouest paid about $62 million for his share of the team.
Chouest is expected to pay about $200 million for Shinn’s remaining shares, the person said.
Initially, Chouest’s involvement was meant to stabilize a franchise that was returning to New Orleans following a two-year displacement to Oklahoma City following Hurricane Katrina.
Shortly after the current season opened, Shinn revealed that he was diagnosed with prostate cancer, which is now in remission.
Shinn spent most of the season away from the club, getting treatment at Johns Hopkins hospital in Baltimore and recuperating mostly at a home in the mountains of Tennessee.
He returned to New Orleans last month, attending several games in his courtside seats, but did not attend Wednesday night’s game against the Charlotte Bobcats.
Now that Shinn is free of cancer, he wants to focus on charitable work aimed at promoting early diagnosis and treatment of the disease, according to the person who discussed his plans with the AP. Shinn also hopes to write an autobiographical book.
Money raised from Shinn’s speaking engagements and other fundraising “will be given back to causes that serve the Lord,” the person said.
Chouest also missed Wednesday’s game because he was in Europe on business. He was traveling back to Louisiana on Thursday and could not immediately be reached for comment.
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At the time Scott was fired this Hornets’ team along with the New Jersey Nets were dueling it out in terms of absolute mediocrity and sheer ineptitude not only in their playing ability but also for the privilege of having the worst record in the league but to being “anointed” the worst team in the entire NBA . The Nets now have that distinct privilege in terms of “it” record wise.
While one can lament the problems of the Hornets and that of their fans. Simply put “several players” on “this team” “haven’t performed up to par” as expected. Many of them know who they are and the fact that they’re robbing the team blind in terms of their overall efforts. And team owner George Shinn must now be feeling that it’s now time for him to move on. And that time seems to be now as has now set his on selling majority stake in the NBA franchise to local Louisiana businessman Gary Chouest, who already has a 25% stake in the franchise that he’s owned since 2007. Chouest who’s distinctly Louisiana native would like nothing better than to see the Hornets become a perennial contender not only within the Western Conference but across the entire NBA. The thought is that he’ll move heaven and earth to make that a reality, He knows full well that it will take a complete assessment into every aspect of the franchise from its management structure on down to the present player personnel. The center piece of which would have to be to ” retain the services” of both” Chris Paul and Darren Collison. Having those two players as the “cornerstone” of the team would send a clear message to the fans and the local residents in general that he means business as to his aspirations. Having seen the success of Saints’ owner Tom Benson and the “warmth” and “support” shown to the team on their “amazing run” to the Superbowl (SBXLIV). There’s nothing better that Chouest would like than to see the Hornets replicate the same sort of success competitively as well to continue to embrace the community from a social aspect. .
George Shinn for his part will now devote more of his time to his philanthropic efforts within the community and across the nation. And while this goes one can’t help but think with the financial difficulties now facing “”a number of NBA franchises” around the league. There has to be some cause for concern over the recent activities concerning the sales of a number of franchises. Chris Cohan and Robert L. Johnson have sold or are in the process of selling the respective franchises that they’ve owned. Johnson in his case, sold the Charlotte Bobcats to minority stake partner, Michael Jordan . Whereas, it’s alleged that Cohan and the recommendations of an intermediary seeks to find to which “suitor” is best in terms of the sale of the Golden State Warriors . It is widely believed that Oracle founder Larry Ellison a “staunch supporter of the franchise” would like nothing more than to buy the team . And if the rumors are indeed true then the sale of the team would be forthcoming pending the approval of the NBA hierarchy.
Owning any sort of business entity in these uncertain economic times is enough of a gamble. But when it happens to be a professional sports franchise. Then you either make your own luck or you hope that the consumer is still amenable to your particular product brand. As with the casinos “the house always wins”. Not so if you happen to be a major professional sports franchise in this day and age. A number of them are now “hemorrhaging” red ink along the lines of several of the financial concerns that had to be taken over by the FDIC because of either lackluster performance or through “the financial mismanagement of their executives”. I’d like to think that David Stern and the NBA hierarchy are keeping “a watchful eye” on this all ? But somehow I think he’s more concerned with what “his superstars” are said to be doing in the market place. If Stern cannot get equal face time as the league’s “major stars” then a great deal of the time he’ll interject himself into the midst of something just for the sake of making his voice heard. Less of Stern and more of the game would be apt at this moment in time !
Picture gallery New Orleans Hornets To view pictures just
click unto each frame indicated to see in whole .
Alan Parkins aka tophatal ………. 🙂
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Say wha’ this is Melyssa Ford ? Hot damn !