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It’s official: NBA buys Hornets

New Orleans HornetsThe National Basketball Association approved its purchase of the New Orleans Hornets from George Shinn and Gary Chouest, but the vote from the Board of Governors was not unanimous.

The league did not disclose the final margin, choosing instead to note it passed with a three-quarters majority — the margin needed for passage.

The league purchased the Hornets after it was apparent the team’s long-term viability was in doubt, with $111 million in long-term debt. Not that other teams aren’t struggling with long-term debt — probably why the vote was not unanimous — but the goal from the league is to stem the losses, clean up the Collective Bargaining Agreement (CBA) and then sell the franchise to an owner starting with a cleaner slate.

What could possibly go wrong?

RELATED STORIES: New Orleans ownership group emerging; Jindal swats down talk of state subsidies for Hornets; Stern confirms NBA takeover of Hornets; NBA close to buying Hornets

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