Hornets Eyeing Long-Term Lease Agreement With State

Shinn Hopes To Have Long-Term Deal To Stay In New Orleans Before Start Of Next Season

Hornets Owner George Shinn said that he “hopes his franchise can come to a long-term agreement to remain in New Orleans before the 2008-09 season begins,” according to Teddy Kider of the New Orleans TIMES-PICAYUNE. The Hornets’ lease agreement at New Orleans Arena “was extended in January and runs through 2014.” Shinn: “We’ve got to know if the state’s going to be with us going forward. Because if they go forward with us, it’s going to give us some latitude to spend a little bit more money than we normally would. And it would help us get to a championship-caliber team quicker.” Superdome Commission Chair Ron Forman said that the past season “‘enhanced the value of the team to the state, and those on the state’s side of negotiation ‘very much look forward to entering a long-term deal’ with the Hornets.” The Hornets had “about 5,500 season tickets sold” during the ’07-08 season in the 17,200-seat capacity New Orleans Arena. Hornets President Hugh Weber said that the renewal rate on those seats for next season is “about 90[%], and the Hornets have sold an additional 4,000 season tickets for next year.” Weber said that “‘one of our internal goals’ is to fill the lower bowl of the arena, which has slightly fewer than 8,000 seats.” The Hornets said that there are “about 850 seats remaining for each game next season.” Shinn said the Hornets “might break even,” but “we’re probably going to end up losing money” (New Orleans TIMES-PICAYUNE, 5/23).