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SHINN-DIG! WOOLDRIDGE PURCHASES 35% STAKE IN HORNETS

          Atlanta business exec Ray Wooldridge "purchased" a 35%
     share of the Hornets, a team "valued at about" $160M,
     according to sources of John Delong of the WINSTON-SALEM
     JOURNAL.  Wooldridge will also "have the right to buy up to"
     50% of the team in the next two years.  Delong: "Wooldridge
     will quickly turn his efforts toward helping the Hornets
     land a new arena in uptown Charlotte."  Wooldridge: "George
     Shinn is the managing partner here, but I intend to take the
     lead on the arena conflict."  Wooldridge was introduced to
     Shinn by NBA Commissioner David Stern "about nine months
     ago" (WINSTON-SALEM JOURNAL, 7/30).  Wooldridge: "This
     organization needs a new arena to be competitive in the NBA"
     (WSOC-ABC, 7/29).  In Charlotte, Tom Sorensen, on
     Wooldridge: "If he can become prominent in this community
     and change the face of the team from Shinn's to his, the
     arena is much more likely to be built" (CHARLOTTE OBSERVER,
     7/30).  In Charlotte, Lauren Markoe: "Shinn said he had
     rejected other possible partners because they wanted to move
     the team."  Shinn, on Wooldridge: "A perfect partner for me,
     and the Hornets and also for the city of Charlotte"
     (CHARLOTTE OBSERVER, 7/30).  Stern, on Wooldridge: "He was
     interested in the team before Shinn was interested in taking
     on a partner."  Shinn: "I've met with a lot of people, and
     Ray has come to the top, at least in my estimation, as being
     the perfect partner." Shinn, on his failed negotiations with
     Michael Jordan: "I was not willing to give up 100 percent
     control for half the price" (CHARLOTTE OBSERVER, 7/30). 

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