Tim Whitmire of the Charlotte Observer reports: The Charlotte-based proposal to buy the Hornets is near completion and will be unveiled by the end of next week, the man leading the effort to keep the team in Charlotte said Wednesday.

No word on who the buyer or buyers is.

Sources have said the National Basketball Association needs to see a new arena deal, a profitable lease and an offer of at least $200 million for the team to consider turning down Shinn and Wooldridge's requested move. The issue will be decided by a majority vote of representatives of the NBA's 29 teams, expected to occur at an April 8-9 meeting of the league Board of Governors.

A relocation committee of seven owners will make a recommendation before that vote.