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NEW ORLEANS (AP) ' People familiar with the deal say Gov. Bobby Jindal and the Hornets plan to announce an agreement on a 10-year lease extension at the New Orleans Arena.
The people spoke to The Associated Press Friday on condition of anonymity because the deal had not been publicly announced. Jindal is expected to discuss the deal Friday afternoon.
People say the deal will run through 2024, but requires legislative approval of a bond issue of more than 40 million to help fund about $50 million in arena improvements that should give the Hornets more revenue streams.
The extension was done in conjunction with the NBA's efforts to find a new owner for the team, which is currently owned by the league. A new owner would be bound to the new lease.