POSTED: Sunday, December 5, 2010 - 11:23pm
UPDATED: Tuesday, December 7, 2010 - 11:56pm
NEW ORLEANS (NBC33) - New Orleans Hornets owner George Shinn has agreed to sell the franchise to the NBA. The unprecedented move could be complete within a couple of days.
The Hornets will be the first NBA team to be owned by the league. NBA Commissioner David Stern didn't say what the NBA is paying for the club but did say the franchise "has been valued in excess of $300 Million."
The NBA Board of Governors will vote on the matter next week.
The Hornets are 13-7 under new coach Monty Williams and new General Manager Dell Demps, but after a surprising 11-1 start, they have lost six of eight games.