Mike Dunleavy

The New Orleans Hornets fuzzy ownership situation should clear by the middle of March. And we know this for sure.

Former NBA coach and general manager Mike Dunleavy is leading a group of investors, from California and from Louisiana, in a serious bid to purchase the Hornets from the league.

Dunleavy is a former NBA coach of the year. He coached the Los Angeles Lakers to the Finals in 1991. He also coached the Milwaukee Bucks, Portland Trailblazers and Los Angeles Clippers. He also served as general manager for the Clips until he was fired in early 2010.

Dunleavy is the conduit to the league for some deep pocketed investors who, if successful in a purchase of the team, would move to Louisiana. The Hornets new owners are expected to execute a 10 year lease with the state of Louisiana upon purchase.

Tuesday, I spoke to one potential local investor, who confirmed that Dunleavy's group contacted him about being part of a potential purchase.

The wildcard in the Hornets ownership puzzle could be Saints owner Tom Benson. His name is one that continues to pop up in the rumor mill. Several sources say they have heard Benson is a player. Others have said that he is not.

A purchase by Benson would be consistent with his efforts to trumpet New Orleans post-Katrina.

Benson has been a huge Crescent City advocate, returning the Saints to the Superdome and executing a 15 year lease with the state of Louisiana that marries the team to the city through 2025.

As part of the agreement, the state leases office space from the Benson Tower, adjacent to the Superdome. Benson has also been highly philanthropic here since the Saints' return in January of 2006.

Former Hornets minority owner Gary Chouest could also still be a player. Chouest still attends many Hornets games, but he was thought to be balking at what he considered an inflated price that the NBA wants for the team.

If the Dunleavy group purchased the team, the NBA veteran could serve in the role as Director of Basketball Operations, although his role is unclear.

Team president Hugh Weber would likely remain. NBA commissioner David Stern, who makes the big decisions regarding the Hornets, would likely want Weber in place.

A source said the league wants a deal in place before the NBA's March 15th trade deadline. The source said the NBA is tiring of having to approve all potential trades and player transactions involving the Hornets.

When the new owner arrives, perhaps he or she can convince guard Eric Gordon to ink a long term deal with New Orleans. But if Gordon wants out, an already substantial rebuilding job will become ever more severe.

A basketball rainbow is needed for a franchise that in the past year was purchased by the NBA, lost forward David West to free agency, and traded potential Hall of Fame guard Chris Paul.

Dunleavy's group desires to be the new beginning.