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.
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.
Hawks sign two-way Tyler Cavanaugh to standard contract
ATLANTA (AP) — Rookie forward Tyler Cavanaugh, who originally came to Atlanta on a two-way contract, has signed a multi-year deal with the Hawks.
Cavanaugh has averaged 5.5 points and 3.2 rebounds in 19 games, including one start, since signing the two-way contract on Nov. 5.
Cavanaugh, from Syracuse, New York, played two seasons at Wake Forest before transferring to George Washington, where he averaged 18.3 points and 8.4 rebounds last season. He was selected the National Invitation Tournament Most Outstanding Player in 2016 after leading the Colonials to the NIT title.
Carlos Boozer went from being known as a gritty second-rounder to an overpaid defensive liability.
In some ways, that’s the ultimate success story.
Now, after playing last season in China, he’s walking away.
Boozer on ESPN:
I’m officially retired.
The Cavaliers drafted Boozer with the No. 35 pick in the 2002. After he spent a couple productive seasons in Cleveland, the Cavs declined his cheap team option to make him a restricted free agent – with an agreement he’d re-sign at a reasonable rate if you ask them, with no handshake deal if you ask him.
Boozer bolted for the Jazz, who gave him a six-year, $68 million contract. He made a couple All-Star teams and helped Utah reach the conference finals.
The Bulls are 5-0 since Nikola Mirotic returned from an injury suffered when Bobby Portis punched him in the face during a preseason practice. Mirotic and Portis are both excelling individually, and Chicago has outscored opponents by a whopping 34.3 points per 100 possessions when those two share the court.
When asked if the two former combatants have spoken yet, Mirotic said, “We did on the floor. We’ve always spoken because we need to have good communication.” As for whether they’ve talked off the floor, however, Mirotic was succinct in his response: “No.”
I guess Mirotic hasn’t completely moved on, though he said he did. But that’s fine. How could someone get past a teammate punching him in the face?
Importantly, this is becoming just a regular NBA problem. The extent of that practice punch was practically unprecedented. But plenty of players have loathed teammates while making it work on the court. That happens more than people realize.
Mirotic and Portis can make this their status quo – at least the on-court cooperation. I’m not convinced Chicago will keep winning like this.
Watch Kobe Bryant’s ‘Dear Basketball’ short film (video)