[djb]

The Hornets are also applying to relocate to Memphis..what's up with that?!

Hornets will apply to relocate team to Memphis
By Rick Bonnell and Lauren Markoe

The Charlotte Hornets are applying to the NBA today to move the team to Memphis.

Hornets co-owner Ray Wooldridge told The Observer this afternoon that he needs to meet today's NBA deadline to preserve his options if Charlotte voters don't approve a new uptown arena in a June referendum.

Wooldridge said his preference is to keep the team in Charlotte.

"This (the NBA deadline) is not a date that I created,'' Wooldridge told The Observer in an exclusive interview. "We can't get into a situation where we don't have an option (should the June referendum fail). This does not change anything'' as far as working out a deal in Charlotte.

Wooldridge said the team could lose $25-$40 million next season if he did not apply for relocation and the referendum failed - making the Hornets a lame-duck franchise. He called that possibility "disasterous financially.''

However applying for relocation also has consequences, potentially turning some voters against passage of the referendum. Mayor Pat McCrory described it as a politically risky move last week.

{quot}It may be a smart short-term business move, but a very poor political move,{quot} McCrory said.

The Vancouver Grizzlies also filed for relocation today, reportedly also to move to Memphis.

If the Charlotte deal falls through, and if NBA owners approve, the Hornets would begin playing in The Pyramid in Memphis next season.

Wooldridge, who was born in Memphis, said The Pyramid would be only a temporary solution, that the town would build an NBA-quality arena if either team moves there.

Wooldridge also confirmed that he discussed swapping franchises with the Grizzlies and selling the team to Charlotte interests. He said that he has not received a firm offer on either of those options.

Source: Hornets will apply to relocate team to Memphis