HORNETS EXTEND PACT WITH FIRST UNION CORP. THROUGH 2003

          The Hornets and First Union Corporation have extended
     their marketing pact for five years, through 2003.  The
     sponsorship also encompasses the WNBA Sting.  Elements in
     the deal include: TV and radio spots, signage, print promos,
     giveaways, Hornets credit card and ATM programs, community
     relations events and exclusivity in the financial
     institution and financial products categories.  Hornets
     players continue to be featured in a 21,000-square-foot
     mural on the side of the First Union building in Uptown
     Charlotte (Hornets).  In Charlotte, Reed & Bonnell write
     that industry observers value the sponsorship extension at
     about $1-2M annually.  In addition to the extension, First
     Union National Bank of NC President Mac Everett and Hornets
     Exec VP Sam Russo said that First Union "is one of six
     companies" negotiating for naming rights at the Charlotte
     Coliseum.  But that deal "appears unlikely, they indicated,
     because First Union has little need to become better known
     in Charlotte" (Reed & Bonnell, CHARLOTTE OBSERVER, 7/22).