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 Will Fox be a top-5 pick? With the 2017 NBA Drafttakes place later tonight. Where can we expect one of the top prospects, De’Aaron Fox, to land tonight?
Thumbnail Fultz to go to the 76ers? The Boston Celticshave traded out of the No. 1 pick. The Philadelphia 76ersnow hold the top pick once again. Is it a slam dunk who they will take in the NBA...
Thumbnail 2018 NBA Finals Odds After dominating the 2017 NBA Playoffs, will anyone keep the Golden State Warriors from winning the NBA Finals again...
Thumbnail Stephen Curry Game 5 Props Will Stephen Curry bounce back from a poor showing in Game 4 when the Golden State Warriors host the Cleveland Cavaliers in Game 5 of the NBA Finals tonight at 9PM...
Thumbnail Will James get another triple-double? Will LeBron James add to his NBA Finals record of nine triple-doubles when the Cleveland Cavaliers take on the Golden State Warriors in Game 5 of the NBA Finals...

NBA Team Pages