Governor Jindal And Hornets Announce Lease Agreement
The New Orleans Hornets and the state of Louisiana have reached a new lease agreement that will keep the team in New Orleans through 2024. Governor Bobby Jindal said the new deal guarantees a future NBA All-Star game in New Orleans. He also noted the new lease has no opt out options, attendance benchmarks, or financial inducements from the state. Improvements to the New Orleans Arena are part of the agreement as well. The deal is subject to the NBA's sale of the Hornets to new ownership.
NBA commissioner David Stern is confident that sale will now take place.
"We appreciate the strong support the Hornets enjoy in New Orleans and throughout the State of Louisiana," explained Stern. "Today's announcement is an important and necessary step toward reaching an agreement with a new owner."
Governor Jindal released the following statement about the agreement:
"We're proud to announce that we have an agreement that keeps the Hornets in Louisiana, and is in the best interest of the state and Louisiana taxpayers. This proposed agreement shows that we're changing the way we do business with our sports teams. We are investing in our capital assets to allow the Hornets the opportunity to earn more money, which reduces the risk for the state and our taxpayers.
"By upgrading the New Orleans Arena, we will help the Hornets earn more revenue and also make the site more competitive to attract entertainment and sporting events that generate economic development for the city and the state. The Hornets have been an incredible asset in the rebirth of the City of New Orleans and the team provides an enthusiasm and energy that enhances this great city's spirit and unique culture."