NEW ORLEANS, La. —
The Hornets and State of Louisiana have reached an agreement in principle that would keep the NBA club in the New Orleans Arena through 2024 and pump about $50 million in improvements into the stadium.
Gov. Bobby Jindal, NBA Commissioner David Stern and top Hornets officials jointly announced the agreement on Friday afternoon, calling it an important step toward securing a new permanent owner for the club, which is currently owned by the league.
The deal requires state legislative approval of a bond issue that will help fund about $50 million in arena improvements designed to give the Hornets more opportunities to generate revenue, but would not require any new taxes. It also includes a provision calling for the NBA to award New Orleans an All-Star game.