AP Source: Chouest-Shinn agree on sale of Hornets
A person familiar with the negotiations says New Orleans Hornets majority owner George Shinn has reached a deal to sell his shares of the team to minority owner Gary Chouest.
The anonymous source says the club is planning an announcement on Wednesday.
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 with the goal of keeping the Hornets in Louisiana.