San Jose Hornets?
Snubbed in his bid to buy the Warriors when the franchise was sold to Peter Guber and Joe Lacob in July for $450 million, Oracle Corp. CEO Larry Ellison has now set his sights on buying the New Orleans Hornets.
Forbes reported Wednesday that Ellison, who is worth $27 billion, could buy the Hornets and move the team to San Jose. One reason the Warriors sold for a record NBA price is that the new owners could get $100 million-$150 million from an owner bringing a second team to the Bay Area, a source told Forbes.
The Hornets, who were bought by the league for $310 million last month, have a lease at the New Orleans Arena that expires in 2014. The franchise is enduring big losses and low attendance and could be moved to a market with better demographics and more corporate sponsor opportunities.
If Ellison moved the team to San Jose, he could immediately share a building with the Sharks. San Jose would also offer plenty of sponsorship revenue and an increased TV market that would boost media revenue.
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