"We think there's a difference between (Co-owner George) Shinn and Wooldridge," the source says. "Right now all that is happening is that Wooldridge is eating Shinn's losses."
The word on the street is that the $100 million which was put on the table by Wachovia, Bank of America and Duke Energy was part of a strategy not just to build a new uptown sports and entertainment facility, but to trap the team here for another year. The only way to do that was to throw up the beginnings of a doable arena deal with the understanding that the NBA probably wouldn't grant the team permission to move until all reasonable Charlotte options were exhausted. If the team lacks a viable alternative by the NBA's March deadline for applications to move, it will be stuck in Charlotte for another year.
"This is a sort of reversal of the tables on them because now the city has a $100 million deal on the table for the NBA," said a source. "Right now they are just reversing the squeeze the other guys have been trying to play with us."