After several days of intense negotiations, the National Basketball Association and the state of Louisiana announced Tuesday that the Hornets will remain based in Oklahoma City for next season but are likely to return to New Orleans for the 2007-08 season. And when the Hornets come home, they will bring a big gift for their hurricane-ravaged city: the 2008 NBA All-Star Game.

NBA Commissioner David Stern said the league will enter exclusive negotiations with state and local officials to hold the 2008 All-Star Game in New Orleans, a deal that is expected to be consummated in the next 30 to 45 days.

"While the NBA and the Hornets remain committed to returning to New Orleans, we have agreed with Louisiana and SMG officials that, for now, our collective interests are best served by having the team play the bulk of its 2006-07 schedule in Oklahoma City," Stern said. "However, we are hopeful that the team will be in a position to return to New Orleans full time beginning in the 2007-08 season."