Yahoo! Inc. (NASDAQ:YHOO) co-founder David Filo is rumored to be buying the National Basketball Association (NBA) team New Orleans Hornets from former owner George Shinn. Filo, 44, is a New Orleans native. He is the 356th richest person in America as of right now and he wouldn’t be the only person associated with Yahoo! to own an NBA team.
Mark Cuban sold Broadcast.com to Yahoo! for $5.7 billion in 1999. Currently he is the #400 richest person in the world and he bought the Dallas Mavericks. The Hornets had a net loss of over $18 million last season. It is unclear whether Filo would buy the team outright or if he will lead some investors in pursuing the bid.
A Yahoo! representative said that Filo has not expressed interest in buying the team, but NBC New Orleans sports anchor Fletcher Mackel said that he heard Filo’s name show up as a potential franchise owner.