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Friday, March 16th, 2012 at 5:00 pm  |  27 responses

Hornets Reach Lease Agreement to Remain in New Orleans Through 2024


Today, the New Orleans Hornets took a major step towards ensuring that the team stays in the Big Easy, as they announced an agreement that will, in principle, keep the Hornets in New Orleans for a very long time: “Governor Bobby Jindal and the New Orleans Hornets announced today an agreement in principle that will keep the team in New Orleans through 2024, subject to the conclusion of the NBA’s sale of the team to a new owner and legislative approval. Governor Jindal said the agreement will include funding for upgrades to the New Orleans Arena and eliminate all exit options, attendance benchmarks, and financial inducements. Compared to the current lease, the terms will save the state at least $72 million in operating subsidies over the life of the lease, and no new taxes will be required to fund any aspect of the proposed agreement. When completed, the agreement would also guarantee at least one NBA All-Star Game over the course of the lease. [...] Subject to closing conditions, the lease will go into effect on July 1, 2012 and will significantly limit the financial exposure to The Louisiana Stadium and Exposition District. Under the current agreement, the LSED is responsible for paying up to $7.9 million annually, but under the new agreement, that obligation will be reduced to $2.8 million that will go towards revenue generating opportunities for the LSED. The Hornets will be required to produce 15 events per year in Champions Square with the revenues going to the LSED, and the LSED will also receive certain television, radio and electronic advertising benefits from the Hornets to promote live entertainment including concerts, family shows and other sporting events. These events and benefits will allow the LSED to recapture a portion of its payment. The state will also be extending the Quality Jobs Tax Credit for the Hornets through the duration of the lease term. This extension is subject to legislative approval and based on the payroll and the jobs that the Hornets create in Louisiana.”

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  • RunNGun

    No… that team needs to move to SEATTLE!

  • http://slamonline Brion

    So I take it that I can forget having any optimisim of getting our Sonics back in Seattle. Thank you to Chris Hanson for giving it a good shot!

  • abaci

    I agree with both of you. and now im bummed

  • http://slamonline Brion

    Did Shawn Kemp b*ne one of Sterns daughters? Why does he hate us so much!

  • http://slamonline.com LakeShow

    Lol Brion, my dude….. Sucks man. Sucks! Arrrgh. That’s all.

  • http://staticseth.blogspot.com Seth

    As Darth Vader once said, “NOOOOOO!”

  • http://caseyvaughn.com AlbertBarr

    Perhaps Seattle’s recent bloodthirst for another city’s team has given them bad karma. We all felt bad for Seattle till they started praying for another city to go through the same just so they could have theirs back. I mean, I wish the Sonics were still around but I get really disappointed at how the Seattle fans think they are entitled to have an NBA team. As small and remote as it was, you had a chance to keep your team. Sacramento has less people, less money and less corporate sponsorship and we fought against all odds and got to keep our team.

  • http://slamonline.com LakeShow

    Hmmm… Albert. Thought you were cool man….

  • ARL31

    That’s 12 more years of terrible, terrible basketball by players who don’t want to play in New Orleans. Sorry Seattle.

  • http://slamonline Brion

    Hey Albert,if you only knew that every disclaimer seattle fans said was we didnt want to get a team the way ours was taken,so you really dont know what your talking about. Theirs no “bloodthirst”. Just a group of fans that had a team for 41 years thats all. So sorry your “really disapointed that we feel entitled to have our team back”
    By the way we won a championship. How many do the Queens have? Let me know when you get a pro football and baseball team.

  • http://slamonline.com LakeShow

    BRION! BRION! BRION! BRION! LOL. Common Albert you better than that man.

  • http://slamonline Brion

    Let me add that we do not want to take the Hornets from the awesome city of New Orleans. It was just speculation that they might relocate due to serious attendance issues primarily because New Orleans is a football town. I understand that you dont grasp that concept since Sac doesnt have one.

  • http://slamonline Brion

    Sorry Lake if thats yur boy, I just get fired up. Im done.

  • http://slamonline.com LakeShow

    Definitely not my boy. I was “feeling” for Albert throughout the Sacramento Kings turmoil over whether or not they would stay in the city. I felt for him because I knew what he was going through as I had been through just that while I was in Seattle through 05′. After hearing his little “bloodthirst for another city’s team has given them bad karma” garbage I don’t really feel for him at all. Seems as if even as he almost had his city yanked from him he has no idea what fans of the Super Sonics went through. Screw anyone who hasn’t lost “their” team and acts like they have any idea how it is.

  • dma

    charlotte should lose their team too. and that bobcats nickname. and those hideous colors. and their owner.. jordan or something? terrible.

  • Groves

    expansion! 32 teams with Seattle and Kansas City

  • IAMORANGE4EVER

    YES! GREAT NEWS FOR NEW ORLEANS!

  • Jamaal87

    Move the OKC Zombie Sonics back!!

    ASAP!!

  • Brett

    I guess I will never see a Toronto-Vancouver game again. Go Raptors.

  • http://www.slamonline.com aman from arkansas

    The fans don’t support the Hornets at all jus the Saints.

  • Jezz

    No one wants to go to Seattle either. Good news for Hornets fans! Congrats!

  • big-EASY88

    You guys will stoop to low levels to get a team back. Take shots at other teams and cities, it is quite sad. Anyways, you can ignore the facts about the Hornets in New Orleans. We will be here another 12 years, and Seattle will be an afterthought as a basketball town.

  • dcoop

    Go New Orleans!!

  • NOLA

    The fans in NOLA don’t support the team? Then how did the team sell 10,000 full season tickets with a city knowing Chris Paul was about to be gone?!

    Why all the hate on NOLA fan support when Houston is 5 times larger, has a much better team, but worse attendance than New Orleans?

  • DJV

    From a Hornets perpective, I’m truly sorry guys. I woildnt lie and say I’m not rejoucing at the news, however I know you guys pain (sort of). Here’s to a future that hopefully the Sonics, Hornets, and Thunder can all play in one league. Good luck Seattle.

  • B

    New Orleans is one of the top 5 cities as far as fun for NBA Players. (Bourbon Street and gambling)

    Maybe players know they’ll go broke if they play there?

  • SikhWitIt

    OKC? Oklahoma City? Really? THAT’S where they ended up?

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