NEW ORLEANS (AP) — A person familiar with the negotiations says New Orleans Hornets majority owner George Shinn has reached a deal to sell his shares of the team to minority owner Gary Chouest.
The club is planning an announcement on Wednesday, the person told The Associated Press on Monday, speaking on the condition of anonymity because no official announcement has been made by either party.
Chouest is a Louisiana native and owner of Edison Chouest Offshore, a company that builds and operates marine vessels for the offshore oil and gas industries. In 2007, when the team returned from a two-year stay in Oklahoma City because of Hurricane Katrina, Chouest bought 25 percent of the club for $62 million with the goal of keeping the Hornets in Louisiana.
