A couple weeks after a negotiation ploy that made things sound more dire than they really were, a deal has been struck for majority owner George Shinn to sell his shares to minority owner Gary Chouest.
As the news comes from NBA.com, we’re going to assume the sources are legit.
The club is planning an announcement on Wednesday afternoon, the person told The Associated Press on Monday, speaking on the condition of anonymity because no official announcement has been made by either party to the sale…
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, saying at the time his goal was to keep the Hornets in Louisiana.
This is good news for the Hornets and anyone who wants to see the team stay in New Orleans.
The reason this is good is simple economics. For Shinn, the Hornets were his primary business and he needed the team’s cash flow to keep it afloat, which led to trades of good players (Rasual Butler) to stay under the luxury tax threshold. Chouest has a thriving energy business; the Hornets will be his secondary business and income. Not that he is going to suddenly go Mark Cuban on the spending, but there will be more money behind the team and with that more stability.
No word yet on how much the team was sold for.
The second round was supposed to be when things got exciting. Instead, the San Antonio Spurs put on an absolute clinic at home, blowing out the Oklahoma City Thunder, 124-92 to take a 1-0 series lead.
Just about everything went in for San Antonio, particularly for LaMarcus Aldridge and Kawhi Leonard, who combined for 63 points. How dominant were they?
Aldridge in particular got anything he wanted against the Thunder. Oklahoma City’s stars were quiet, with Kevin Durant scoring just 16 points and Russell Westbrook 14. San Antonio controlled the game from the start and Oklahoma City never recovered from the opening punch.
It’s hard to imagine Durant and Westbrook are this ineffective again, and hopefully the rest of this series will be a little more competitive. But the Spurs did what the Spurs do, and did nothing to shake the feeling that they’re the favorites to win the west, now that Stephen Curry‘s status is unknown.
ATLANTA (AP) A year ago, Atlanta’s magical season ended with a resounding sweep by Cleveland in the Eastern Conference final.
Now, the Hawks have another shot at LeBron James and the Cavaliers.
Feeling confident after an opening-round victory over Boston, the Hawks returned to practice Saturday to begin preparations for the best-of-seven series.
Game 1 is Monday night in Cleveland.
The Hawks were the top-seeded team in the East last season after a record 60-win campaign. It didn’t do them much good against the Cavaliers, who steamrolled Atlanta in four straight games.
Even though they slipped to 48 wins and fourth in the conference, the Hawks actually sound a bit more confident heading into this matchup, largely because of their improved defense and rebounding.
For the second consecutive year, the Warriors have lost their lead assistant to another team. When the Pelicans hired Alvin Gentry during last year’s playoffs, Steve Kerr promoted Luke Walton to associate head coach and added former journeyman big man Jarron Collins to the bench. Now that Walton is headed to the Lakers as their next head coach, the Warriors will go outside the organization to find a replacement, according to ESPN.com’s Marc Stein. And one name that will likely not be in the mix is David Blatt, who very nearly became an assistant under Kerr in 2014 before being offered the Cavaliers’ head job.
Given Walton’s success this season as interim head coach while Kerr recovered from back surgery, this will undoubtedly be the most attractive assistant job in the league.
In the last few years, NBA head coaching salaries have skyrocketed, and new Lakers coach Luke Walton is no exception. According to the Los Angeles Times‘ Mike Bresnahan, Walton is getting $25 million over five years, which is the same as Steve Kerr’s deal with the Warriors, now-former Knicks coach Derek Fisher’s deal in New York, and Fred Hoiberg’s deal with the Bulls.
This kind of money has become standard for head coaches who don’t also have front-office power. Tom Thibodeau and Stan Van Gundy both get between $7 and $8 million annually to do both jobs. Given how good Walton’s current situation with the Warriors is, the Lakers probably had to be on the high end of the coaching spectrum to get him to leave.