Dec 7, 2010, 10:11 PM EDT
You knew if the New Orleans Hornets were making money George Shinn would not have been trying to sell the team (he would have done a Donald Sterling and run a team poorly for profit as long as he could).
But the leaked financials of the New Orleans Hornets painted a bleak picture, team where the owner is paying out of his pocket every year and drowning in debt like a college kid with credit cards. Fantastic new purchase, David Stern. (Note: Deadspin posted these first and broke the story, although I first saw a hard copy of them from Larry Coon of ESPN.)
Basically, the Hornets turned a modest profit between June 2008-2009 ($5.9 million) and lost money the year before ($6.4 million), but meanwhile they are up to their eyeballs in debt — $83 million as of June 2009. It had long been rumored that taking over all that debt was one of the concerns Gary Chouest had with the purchase of the team.
What’s more, as Deadspin points out, that in the two years of KPMG-audited numbers George Shinn had to reach into his pockets for about $8.8 million to keep the team operating.
Stern has said there is no timetable for the sale of the franchise and they want to work hard to find local owners. But now the other 29 NBA owners run that team and if they are going to be asked to reach into their pockets for the Hornets you can bet they will push for a faster sale. Whether the team stays in New Orleans or not.
This story just promises to get more and more ugly.
- PBT Extra: Talking Heat/Pacers, and why Indy might be optimistic 0
- If Phil Jackson could have any player to start a team it would be… Bill Russell 21
- LeBron, Durant, Kobe headline All NBA First Team 18
- It’s official: Krzyzewski back to coach Team USA through Rio Olympics 1
- Hibbert said he will speak up in future, demand to be in game at end 11
- Report: Dwight Howard will consider multiple teams in free agency, is said to be most intrigued by the Rockets (122)
- Kobe Bryant responds to Michael Jordan comparison from Phil Jackson (89)
- Alonzo Mourning says Scottie Pippen says LeBron would “kick Jordan’s ass” (76)
- Bradley Beal said he’d lose respect for a teammate who acted like Derrick Rose (67)
- Pacers advance to the Eastern Conference Finals with Game 6 win over Knicks (60)
- Lochte says Phelps will return soon
- CSN: Francona returns to Boston | Legacy?
- Tebow fact: He reminds Chuck Norris of Chuck Norris
- LeBron stuns Pacers with OT winner in Game 1
- HBT: Astros vendor fired after taking food into bathroom
- PHT: Avs name Hall of Famer Roy as head coach
- Pens overwhelm Sens, take 3-1 series lead