via NYDailyNews.com
In New Orleans, in what might accelerate Chris Paul's departure for New York or Newark/Brooklyn, but is not good news for the NBA, prospective incoming owner Gary Chouest apparently has decided to not buy the team from long-time owner George Shinn.
Last spring, Chouest, a local billionaire, reached an agreement in principle to buy out Shinn, the team's original owner. Chouest had purchased 25% of the team in 2007.
But according to a league official familiar with the Hornets' rocky ownership situation, the deal fell apart.
"Chouest didn't step up," the source said. "He's not going to buy the team from George. It looks as if George will have to hold onto it."
That's bleak news for Hornets fans, who were hopeful that Chouest would come in, spend money on talent, and get Paul to change his mind about leaving. But it's a great development for the Knicks and Nets and every other team that has its eye on Paul, who becomes a free agent in 2012 and has told associates that he wants to play in New York with Amar'e Stoudemire.
Of course, publicly, Paul continues to say all the right things about wanting to stay in New Orleans. But the franchise remains in a salary-shedding mode, and other than David West, he's not surrounded by a lot of big-time talent. Without Chouest's deep pockets, the prospect of Shinn putting in the kind of money it will take to bring in more talent for Paul is considered beyond remote.
"No deal has been reached," said the league official. "And the price being mentioned - $425 million, which is not just for the team, but also for the building (the Palace of Auburn Hills) and two amphitheaters where they have concerts - is at the very high end."
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