Stressful Times in the Big Easy: NBA to Buy New Orleans Hornets

Reuters is reporting that, according to NBA Comissioner David Stern, the NBA will buy the team.

UPDATE: Here's a statement released by Stern:

George Shinn has been an exceptional owner for New Orleans and Gary Chouest has been extraordinarily supportive as a minority owner.

However, in light of the uncertain economic situation in New Orleans and Louisiana, Gary has decided not to move forward with the purchase of George's majority interest although he was prepared to remain an investor in the team. In the absence of any viable purchaser seeking to own the Hornets in New Orleans, I recommended to the NBA Board of Governors that the best way to assure stability and the adequate funding of the franchise would be for the league to step in, and complete the transaction and assume control. The Hornets have a strong management team in Hugh Weber, Dell Demps, and Monty Williams and we have recruited Jac Sperling, a seasoned sports executive and New Orleans native, to be the team's chairman and governor, with Hugh serving as president and alternate governor. I have notified Governor Jindal and Mayor Landrieu about this transaction and will continue our dialogue with them about ways to strengthen the franchise for new ownership in New Orleans.