Relocation Fee and Vote Issues Settled
The relcoation fee issue is settled, by of all places the Observer.
$30 million dollars total, to be paid over 5 years ($6 million per year)
Heisley's condidional approval resulted from his objection to the Hornets paying the same as he did.
Hornets' 14-year run in Charlotte is over
Executives who participated in the NBA's conference call Friday said the vote was unanimous -- and mostly a formality, after the league made its recommendation to the owners 10 days ago. No questions were asked. In alphabetical order, the league asked each team for its relocation vote. All 29 said yes.
Another vote set the terms of the move. That's when the Memphis Grizzlies cast the only "no" vote of the day. Several executives said the team supported the move but objected to making the Hornets pay a $30 million relocation fee over five years -- the same amount the Grizzlies paid last year after moving from Vancouver.
Several NBA owners who had objected to the move in the past or criticized the Hornets owners ended up voting yes.
"From the get-go, our firm, firm impression had been that neither (NBA Commissioner) David Stern nor anyone in the league wanted to move the team," said one executive who participated in the call.
"They were won over."