By now, the rumors are everywhere. The Hornets ownership situation is in chaos. George Shinn wants out. Gary Chouest wants out. Maybe the NBA wants in? Perhaps this is why the Times Picayune dug up the little nugget warning folks that if the Hornets don’t average 14,214 in attendance through the end of the year, the team can pay a $10 million exit fee and walk. No big deal with either Shinn or Chouest involved: Shinn doesn’t have the extra $10M and Chouest has no incentive in moving away from his home. But if some billionaire from St. Louis, Seattle, or Kansas City wants in, that $10 may be chump change. So what’s a fan to do?
Buy the team.
That’s right. It’s not that hard. Hornets Hype will incorporate and start selling shares in a private stock offering. Fellow #twittersection friend, @snavetrebor, correctly points out that all it takes is 17,000 investors willing to pay $17,000 each. Symmetry. I like it. So what say you, folks, want to own an NBA team?
It’s the American way; the power of many accomplish what individuals alone cannot. Plus, there’s no reason, if y’all want, that you can’t buy more than one share. Spend $34,000 and you get two shares, $68,000 for four. You get the idea. So for all you millionaires out there, you can get 59 shares for just over $1 million. Not a bad deal, right? We can share a luxury suite or two, with the largest investors to get the floor seats. Any unsold floor seats can go by lottery if unsold by gametime.
Don’t worry about how it all works. Hornets Hype’s lawyers will draft a comprehensive set of by-laws to govern HornetsHype, Inc.; but, for the sake of parity, we’ll try to set up most decisions by majority rule. Although, Chouest owns 35% of the team now, 51% of our ownership own the remaining 65%, and so will be able to override anything he says or does. Unlikely anyone would personally own more than half of our corporation, but who are we to stop investors from helping buy the Hornets and keeping them in New Orleans?
So, if you have $17,000 or more burning a hole in your pocket, hit us up. If not, well, buy some goddamn tickets. We’re not that far off the attendance mark that keeps any potential out-of-state investor from swooping in and stealing the team. The Hornets, despite their recent swoon, are 8-2 at home. That’s some good percentage of happy basketball. So go watch. In person. Support your team. Even if you aren’t committed enough to help buy the team, show some love and help give someone else local a reason to do so. It’ll be the best money you’ve spent in a long while.