The Hornets have decided to take advantage of an NBA loan program despite having by far their best season at the ticket office since moving to New Orleans in 2002. “We accepted the loan that the NBA made available to all its teams to keep our options open in case these funds are needed in the future,” Hornets President Hugh Weber said in a statement sent by e-mail today to The Associated Press.
The Hornets have sold out 22 games this season, smashing the previous high of 13 sellouts last season, the Hornets’ first in New Orleans full-time since Hurricane Katrina. Average attendance this season is 16,977, and the official sellout figure for the New Orleans Arena for Hornets games is 17,188.
“We are experiencing unprecedented success in ticket sales and sponsorships and by no means was this loan acquired to subsidize our daily operating expenses,” Weber said.
With the recession hitting the country hard and credit markets freezing up during this season, the NBA lined up a $200 million line of credit with several major financial institutions. Between $13 million and $20 million was made available to teams expressing interest in the funds.
