George Shinn was set to sell a majority share of the Hornets to local billionaire Gary Chouest, but the deal has reportedly fallen through.

"Chouest didn't step up," a league source said. "He's not going to buy the team from George. It looks as if George will have to hold onto it."

The Hornets' ownership situation figures to have long-term implications for the team's attempt to surround Chris Paul with talent and keep him with New Orleans.