Hornets Get Long-Term Deal with State
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.
Governor Jindal said, “We’re proud to announce that we have an agreement that keeps the Hornets in Louisiana, and is in the best interest of the state and Louisiana taxpayers. This proposed agreement shows that we’re changing the way we do business with our sports teams. We are investing in our capital assets to allow the Hornets the opportunity to earn more money, which reduces the risk for the state and our taxpayers.”