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).
