GeauxTo
06-29-2007, 09:50 AM
Negotiations are in the works for a sale of the New Orleans Hornets to a group led by a Galliano businessman, reports Louisiana Political Fax Weekly. State legislators say they have been advised that Gary Chouest, owner of marine supply company Edison Chouest Offshore, has reached an agreement in principle to buy the NBA team from majority owner George Shinn. "A deal has been made," said a source close to the negotiations, adding that a final price and the involvement of some current minor shareholders are still being worked out. A source with knowledge of the negotiations tells Daily Report Chouest will initially purchase a 30% ownership stake in the NBA franchise but hopes within three years to own a majority share of the team.