The Finch Formerly Known As Gold

20 December 2005

Building the hive mind

To no one's surprise, Hornets owner George Shinn is seeking local investors for the team.

Team president Paul Mott says that the prospectus will be out next month, and that the minimum buy-in per investor will be two percent, estimated at $4-6 million.

Absolutely no one is saying so, but this looks like the first step toward establishing the Hornets permanently in Oklahoma City. Shinn says that if the team moves back to New Orleans, he will buy back local investors who want out.

If I didn't know better — and technically, I don't — I'd think Shinn was trying to create something similar to the ownership structure of the San Antonio Spurs, which was designed specifically to insulate the team from relocation threats.

Posted at 7:45 AM to Net Proceeds