Ownership Update: One Week Left of Legislative Session

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Published: May 27, 2012

What’s left to do with just one week left in the legislative session?

With just one week left in the current legislative session and five weeks left until the lease amendment pre-conditions must be met so it can go into effect, we take stock of the issues that were outstanding in our last ownership update.

HB2

This bill passed the House by a wide margin and with only minor amendments, none directly affecting our concerns here at Hornets247. This is scheduled to be heard by the Senate on 5/28. Since that is a holiday, it may be pushed back.

This bill should pass without much fanfare and be signed by the Governor in a similar fashion.

HB1072

This tax rebate bill has been signed by the Governor and is now Act 219. It is done.

Lease

No new information. I still do not see references to it one the legislature’s website and am not sure about the mechanism for its approval.

Sale

The sale has not been formalized, but references to an NBA Board of Governor’s meeting in June have been creeping up in reports, so that is the likely time. Additionally, stories have been published detailing at least some of Benson’s plans on how the Hornets will be run, such as Loomis overseeing some of the Hornets operation and promotions on the Saints side of things to account for this drain on Loomis’ attention and his NFL suspension. These are strong indications that the approval is more of a formality.

Threats

No new information.

Our Edge

Researching these legal matters has uncovered some detail with respect to our embrace of sports as an economic engine. In particular, a hospitality district is being extensively discussed. This district will be from the Arena and Superdome area past the French Quarter. It will have governance and funding and will interact with existing boards such as the LSED and the Louisiana Restaurant Association.

Louisiana is not resting on its laurels here. This is cutting edge, if boring, stuff.

We will not go gently.

4 comments
J
J

We're back to square one

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  1. […] met so it can go into effect, time is growing short to resolve the issues that were outstanding in our last ownership update. While there is no reason to expect that this will not all work out, it’s best to keep an eye […]