- HOOPSWORLD | Basketball News & NBA Rumors - http://www.hoopsworld.com -
Gov., Hornets announce lease extension
Posted By HOOPSWORLD On March 17, 2012 @ 12:57 am In All,Wirenews | Comments Disabled
Governor Bobby Jindal and the New Orleans Hornets came to an agreement on a 10-year lease extension at the New Orleans Arena on Friday.The deal will run through 2024 and requires legislative approval of a bond issue that will help pay about $50 million in arena improvements.”By upgrading the New Orleans Arena, we will help the Hornets earn more revenue and also make the site more competitive to attract entertainment and sporting events that generate economic development for the city and the state,” Jindal said in a release.NBA Commissioner David Stern said that the “announcement is an important and necessary to step toward reaching an agreement with a new owner.”The NBA purchased the Hornets from owner George Shinn in December 2010 for an estimated $300 million and seized control of a franchise for the first time in league history.
Article printed from HOOPSWORLD | Basketball News & NBA Rumors: http://www.hoopsworld.com
URL to article: http://www.hoopsworld.com/gov-hornets-announce-lease-extension
Copyright © 2013 HOOPSWORLD | Basketball News & NBA Rumors
Part of the USA TODAY Sports Media Group.