State to Announce New Lease Agreement

Published: March 16, 2012

Per the Times-Picayune, a new lease between the Hornets on the New Orleans Arena will be announced this afternoon.

Here is the article.

The important bits:

  • Through 2024
  • No Escape Clause (e.g. Attendance Benchmarks)
  • $41m Capital Bond Issue to Eliminate State Subsidies (to be voted on), plus $8m Already Committed
  • $70m in State Savings
  • No New Taxes
  • Purchaser Must Accept This Lease
  • Two Offseasons to Complete Arena Upgrades
  • More Money Possible for More Upgrades or Practice Facility
  • Promise of an All-Star Game

Good work by the State, Commissioner Stern, and The Times-Picayune.

We’ll have a celebratory post up later if this comes to pass, and we’ll continue to follow the boring details way past the point where everyone loses interest.

I’m headed down to the media availability today at 1:30 (CDT, -5), so enter your questions below.

Also, do you think the media availability is a form of confirmation of the TP story? I do.

Update from Press Conference:

Ownerships weeks away
Moving ahead, good progress, lease will move it faster

((Note Bene: This post is being updated throughout the day as information arrives. Stay tuned.))


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