From staff reports

The Charlotte Hornets announced on the 17th that the Hornets had applied to move their franchise to New Orleans.Should the deal go through, the Hornets would be the first basketball team to call New Orleans home since the Jazz left for Utah in 1979.The deal is signed , but will not be final until a board from the NBA looks over and approves the proposal. There are currently 29 team owners in the league and 22 of them would have to approve the move for it to be set.The Hornets have been looking to move their franchise in recent years due to a loss of revenue in Charlotte.Last year the Hornets were among the teams that applied for a move to Memphis. They eventually withdrew that application and the Vancouver Grizzlies made the move south of the border. Should Charlotte’s proposal be approved, it would be only the second time a team has relocated in 15 years.While it seems like the approval of the deal is forthcoming, there are many stipulations and specifics to be met.New Orleans wants a commitment for 8,000 season tickets, 2,450 club seats and 54 luxury suites. If these stipulations are not met, Charlotte can back out of the deal.The contract being considered is a 10 year lease of the New Orleans Arena. There are options for two additional five-year extentions.Should the team be moved to New Orleans, there are many improvements that must be done, the cost of which is to be footed by the city.An estimated $8 to $10 million will be spent on the Arena to start, with an estimated $5 million extra to be spent by 2004. A training facility at the cost of $6.5 million will be built before the 2003-2004 season.The state also guarantees $18 million in profits to the Hornets. Should the profits not total that much, the state promises to make up up to $2 million of the difference.