From the Oklahoman

By Berry Tramel
The Oklahoman

Hornets owner George Shinn soon plans to solicit local investors for his NBA franchise that has been a stunning success in its three months in Oklahoma City.

Shinn, who took on a big debt when he bought out partner Ray Wooldridge last year when the franchise was in New Orleans, is seeking limited partners.

He does not want to relinquish control of the team that relocated to Oklahoma City after Hurricane Katrina swamped New Orleans.

"I think it's important, if you're going to have owners, have 'em from the community where you are," Shinn said.

Calls to Oklahoma City business leaders were not returned.

The New Orleans Times-Picayune reported that Shinn took on significant debt to buy out Wooldridge's 35 percent of the team.

Shinn paid Wooldridge at least $67 million, according to the reports, which would place the Hornets' value at approximately $191 million.

In Forbes magazine's 2004 list of NBA franchise values, the Hornets were estimated to be worth $225 million.

The three most recently sold franchises went for much more: the Phoenix Suns for $401 million in 2004; the Cleveland Cavaliers for $375 million in 2005; and the Boston Celtics for $365 million in 2004.

The Charlotte Bobcats became an expansion franchise for $300 million.

Hornets President Paul Mott said it probably is impossible to determine the franchise's worth, since it is in flux.

Shinn and NBA Commissioner David Stern have said the Hornets will return to New Orleans, if possible.

But the Hornets were 30th out of 30 NBA teams in attendance in 2004-05. With the rebuilding of New Orleans moving slowly and the success of the Hornets in Oklahoma City, there is speculation the franchise could remain here permanently.

Shinn said he would commit to buying back the shares of local investors should the Hornets leave Oklahoma City.

Shinn and Mott had begun a similar process in New Orleans but had not entered into any commitments when the storm struck that city.

Mott said the minimum investment level is two percent, which could range anywhere from $4 million to $6 million, depending on the settled value of the franchise.

Mott said the Hornets will present plans to prospective investors beginning in January.