NEW ORLEANS (AP) -New Orleans Hornets team owner George Shinn is considering a Louisiana businessman's offer to buy a one-quarter share of the team.
Gary Chouest of Galliano, La., is the owner of Edison Chouest Offshore, a barge and vessel company supporting the Louisiana offshore oil and gas industry.
Shinn, out of town on vacation, confirmed Friday through a spokesman that negotiations were ongoing but stressed he has no intentions of selling a majority share of the team.
A secretary at Chouest's office said he was out of town and not immediately available for comment.
Shinn has been seeking investors in an attempt to reduce a large debt incurred in January 2005 when he bought out former minority partner Ray Wooldridge.
``We've been in negotiations with local investors for a long time, and while nothing's done yet, we remain optimistic we can reach a deal,'' said Chad Shinn, George Shinn's son and the Hornets' executive officer of the board.
According to recent surveys by Forbes magazine, the Hornets are worth about $248 million, meaning a one-quarter share would cost about $62 million.

Top NBA Public Bets

NBA Top Stories

Thumbnail Nuggets vs. Lakers Pick Are the Denver Nuggetsgoing to cover the spread as a road favorite tonight at 9:30PM ET when they play the host Los Angeles...
Thumbnail Bulls vs. Suns Pick Are the underdog Chicago Bulls going to send the host Phoenix Suns...
Thumbnail Pistons vs. Timberwolves Pick Are the Detroit Pistons going to cover the spread as an underdog tonight at 7PM ET when they play at the Minnesota...
Thumbnail Pacers vs. Heat Pick Are the Indiana Pacers going to stay within the number this evening at 5PM ET when they play at the Miami...

NBA Team Pages