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NBA planning to buy out Hornets owner

Updated: December 7, 2010, 8:55 AM ET
ESPN.com news services

NEW ORLEANS -- NBA commissioner David Stern confirmed on Monday that the league is proceeding with its plan to buy the New Orleans Hornets from majority owner George Shinn and minority owner Gary Chouest.

Shinn has been trying since last spring to sell the team to Chouest, but those negotiations stalled.

"George Shinn has been an exceptional owner for New Orleans and Gary Chouest has been extraordinarily supportive as a minority owner," Stern said. "However, in light of the uncertain ...

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