AP Source: Chouest-Shinn agree on sale of Hornets

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Posted: May 3, 2010 9:32 AM by Andrea Fontenot
Updated: May 3, 2010 11:00 AM
Source: Associated Press

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Topics: New Orleans, Hornets, George Shinn, Gary Chouest, sale, NBA, basketball

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.

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