PDA

View Full Version : Louisiana expected to pay Hornets $7 million



Kevj77
03-16-2011, 03:58 AM
Gov. Bobby Jindal said Wednesday the state of Louisiana expects to make a payment of just more than $7 million to the New Orleans Hornets because the franchise is not projected to meet the benchmark revenue requirement in its lease agreement with the state.


In January, the Hornets surpassed the attendance benchmark average of 14,735, a requirement in their lease agreement with the state. But there is also a revenue benchmark included in the teamís amended lease agreement that stipulates the state will have to pay the Hornetsí inducements not exceeding $7.5 million at the end of this season if the team does not gross at least $43.6 million, which is 80 percent of their gross revenue for all potential ticket sales.

http://www.nola.com/hornets/index.ssf/2011/03/gov_bobby_jindal_expects_the_s.html

The Hornets will be in the playoffs, they have a legit superstar in CP3. The state is going to pay them $7 million, because attendance will be below 80% of total ticket revenue.

Is this a sign that the NBA is in markets it shouldn't be in?

metsbulls1025
03-16-2011, 04:02 AM
Move them to Seattle.

NYKalltheway
03-16-2011, 05:39 AM
$$$$$ ruins sports