The AP reports:

New Orleans Hornets majority owner George Shinn is negotiating to sell his stake in the NBA club to south Louisiana businessman Gary Chouest, who has owned 25 percent of the team since 2007, according to a person familiar with the situation.

The person familiar with both men’s plans and the anticipated sale, told The Associated Press on condition of anonymity Thursday because an agreement has not been signed.

Shinn, a 68-year-old businessman who made his fortune developing a chain of business schools in his native North Carolina, has been either the sole or majority owner of the Hornets since the club’s inception in Charlotte in 1988. The club moved to New Orleans in 2002 and three years ago Chouest paid about $62 million for his share of the team.