Blog Entry

Larry Ellison tried to buy the Hornets

Posted on: January 6, 2011 11:10 am
Edited on: January 6, 2011 2:18 pm
 
Posted by Royce Young

You know how the NBA bought the New Orleans Hornets? Well I just assumed that was because there wasn't another buyer out there after Gary Chouest backed off. But really, it was because there wasn't the right buyer.

Larry Eillison told the San Jose Mercury that he put in a $350 million bid to buy the Hornets, but was rebuffed and outbid by the league. David Stern said the league paid "a little over $300 million" for the Hornets.

Eillison, who is a billionaire by way of his company Oracle, also tried to purchase the Golden State Warriors over the summer but didn't win that bid either. Ellison is the world's sixth richest person.

Probably one reason the league "outbid" or just said no to Elllison is that he was in no way committed to keeping the team in New Orleans. He was definitely buying with the intention to move, something the league is not looking at doing at the current moment. So the fact that there was a buyer available but the league pushed him away bodes well for the future of professional basketball in New Orleans.

At least for now. When the NBA starts dropping major money on the franchise and things get too tough to operate, I'm sure they'll be fine selling the team to whoever as long as the buyer's got a big checkbook.

Eillison told the Mercury News in regards to him buying the Hornets, ""I was trying to buy the team first, and then figure out what I was going to do with it." He didn't necessarily have plans to move the team to San Jose, where he currently resides.

Forbes blogger Mike Ozanian said a source suggested Ellison is interested in buying the Hornets for about $300 million and then pay the Warriors an additional $150 million for the legal right to operate a second NBA franchise in the Bay Area. Ellison said those reports were not true.

It's interesting nonetheless that a buyer was at least there. All indications made were that the NBA really didn't have an option outside of Chouest when George Shinn committed to selling. But evidently there was. It's just the prospective owner didn't have the plan in mind the NBA wants. Kind of a conflict of interest, wouldn't you say?
Comments

Since: Jan 8, 2008
Posted on: January 6, 2011 10:47 pm
 

Larry Ellison tried to buy the Hornets

So i guess its ok the buy the sonics and move them, but by no means move the new orleans hornets? god i hate david stern...



Since: Aug 9, 2009
Posted on: January 6, 2011 10:34 pm
 

Larry Ellison tried to buy the Hornets

What is going on with Stern and the NBA front office?  Why not sell the team to Ellison?  Basketball is not thriving in New Orleans and attendance has been bad.  Ellison is a huge NBA fan and a guy with deep pockets that WANTS to own a team.  They will sell to Bob Johnson who put Charlotte so far in a whole they might never get out but not Ellison?

Why do they appoint these men lifetime commissioners?  They end up thinking they are the game.  Have a vote every 4 years.  Get some new blood in there. 



Since: Dec 27, 2007
Posted on: January 6, 2011 7:38 pm
 

Larry Ellison offered nothing

Either that or there is a more significant offer on the table.  $350 seems like a steal. Especially when you don't have to lie to a city and pretend to keep them for terms of the lease.  Seattle had 3 years left on the lease.  The hornets can just go.  This franchise is worth more than $400mil.  You won't get sued. You don't look like a team bugler. That worth at least $45 million.








Since: Jan 31, 2008
Posted on: January 6, 2011 7:17 pm
 

Larry Ellison tried to buy the Hornets

why would cbs use that photo of Ellison?????????? is it the perception that he is spitting out his tongue for being snubbed? to many layers to this story to understand why the league does not want him.



Since: Dec 18, 2006
Posted on: January 6, 2011 2:01 pm
 

Larry Ellison tried to buy the Hornets

Dear Mr.Eillison, I bet that you could have bought the Hornets easily if you just did one thing, write 2 personal checks, one for 300 millions to the Hornets and the second check for 5-10 millions that reads: Pay to the order of : David Stern. Betcha the Hornets is yours by now.



Since: Mar 26, 2007
Posted on: January 6, 2011 12:48 pm
 

Larry Ellison tried to buy the Hornets

"Probably one reason the league "outbid" or just said no to Elllison is that he wasn't in no way committed to keeping the team in New Orleans. "

Wasn't in no way committed?  So then, he WAS committed?

Does anyone proofread these articles?


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