Source: Chouest will not buy Hornets
It now seems that there is just one group in the running to buy the New Orleans Hornets.
Last week NBA Commissioner David Stern said in an interview with NBA TV that there was a front runner and another possible candidate or group that could possibly purchase the Hornets.
Now it appears that there is just one.
A source familiar with the negotiations says former New Orleans Hornets minority owner Gary Chouest will not purchase the team. WWL Radio Sports has learned that Chouest made an offer to purchase the team but the NBA was looking for a higher bid.
A group led by Raj Bhathal, along with Larry J. Benson and former NBA Coach Mike Dunleavy, has become the main figure in contention to land the New Orleans Hornets franchise. Commissioner David Stern said last week that he had hoped that the league would have an agreement with the new owner by March 1st.
The most encouraging news for Hornets fans will be that David Stern is helping ensure that the team stays in New Orleans for quite some time.
As a part of the purchase agreement, the new owner/owners will sign a lease extension that would keep the team in New Orleans until 2024.