The Charlotte Hornets have announced they won't bring back Rich Cho as general manager next season on a new contract.

The Hornets plan on pursuing Mitch Kupchak to partner in the front office with assistant general manager Buzz Peterson.

Kupchak and Peterson both played collegiately at North Carolina.

The Hornets hired Cho as general manager in 2011. Cho was previously general manager of the Portland Trail Blazers.

The Lakers parted ways with Kupchak last February as Magic Johnson and Rob Pelinka took over the front office.

Kemba Walker has been named the injury replacement on the All-Star team to Kristaps Porzingis.

Porzingis is out for the season with a torn ACL.

Walker is averaging 22.7 points, 3.4 rebounds and 5.8 assists in 35.0 minutes per game this season for the Hornets.

Walker was also an All-Star during the 16-17 season.

The Cleveland Cavaliers remain interested in a trade for Kemba Walker but there is no traction at this point.

While the Charlotte Hornets have been willing to listen to trade offers on Walker, they have been reluctant to part with him unless they're overwhelmed by the package.

The Hornets would like salary cap relief as part of any trade for Walker.

The Cavaliers are also considering a trade for DeAndre Jordan.

The New York Knicks and Charlotte Hornets have agreed to a trade of Willy Hernangomez for Johnny O'Bryant and two second round picks.

The Hornets will send their own second rounders in 2020 and 2021 in the deal.

Hernangomez fell out of the Knicks' rotation this season.

Hernangomez recently requested a trade from the Knicks.

The New York Knicks remain the NBA's most valuable franchise for the third straight season, according to Forbes' annual report.

The Knicks are valued at $3.6 billion, which is an increase of nine percent from 2017.

The Los Angeles Lakers rank second at $3.3 billion, an increase of 10 percent.

The Golden State Warriors, Chicago Bulls and Boston Celtics round out the top-5.

The average NBA franchise is now worth a record $1.65 billion, up 22% over last year, and more than triple the figure of five years ago. 

Every NBA team is valued at $1 billion or more for the first time in league history.

“Investor interest in the NBA is enormous right now,” said Forbes’ senior editor Kurt Badenhausen, “thanks to the league’s strong current economic environment, as well as the international growth prospects, which are the best of any major U.S. sports league.”

1. Knicks: $3.6 billion (+9%)
2. Lakers: $3.3 billion (+10%)
3. Warriors: $3.1 billion (+19%)
4. Bulls: $2.6 billion (+4%)
5. Celtics: $2.5 billion (+14%)
6. Nets: $2.3 billion (+28%)
7. Rockets: $2.2 billion (+33%)
8. Clippers: $2.15 billion (+7%)
9. Mavericks: $1.9 billion (+31%)
10. Heat: $1.7 billion (+26%)
11. Spurs: $1.55 billion (+32%)
12. Raptors: $1.4 billion (+24%)
13. Kings: $1.375 billion (+28%)
14. Wizards: $1.35 billion (+35%)
15. Cavaliers: $1.325 billion (+10%)
16. Blazers: $1.3 billion (+24%)
17. Suns: $1.28 billion (+16%)
18. Thunder: $1.25 billion (+22%)
19. Magic: $1.225 billion (+33%)
20. Jazz: $1.2 billion (+32%)
21. 76ers: $1.18 billion (+48%)
22. Pacers: $1.175 billion (+34%)
23. Hawks: $1.15 billion (+30%)
24. Nuggets: $1.125 billion (+26%)
25. Pistons: $1.1 billion (+22%)
26. Bucks: $1.075 billion (+37%)
27. Wolves: $1.06 billion (+38%)
28. Hornets: $1.05 billion (+35%)
29. Grizzlies: $1.025 billion (+30%)
30. Pelicans: $1 billion (+33%)

Rich Cho is in the final season of his contract as general manager of the Charlotte Hornets.

Cho became general manager of the Hornets in 2011 after a brief stint with the Blazers.

Mitch Kupchak is believed to be a favorite among high-ranking officials to take over for Cho next summer.

Kupchak worked for the Lakers' front office for several decades and was let go last February.

Kupchak attended North Carolina and was the ACC Player of the Year in 1976.

The Cleveland Cavaliers and Charlotte Hornets have had at least vague discussions centered upon a trade of Kemba Walker and Nicolas Batum for Isaiah Thomas, Brooklyn's first round pick and approximately $25 million in outgoing salary.

The Hornets would likely have to take both Tristan Thompson and J.R. Smith.

The Hornets have interest in trading Walker, who will be a free agent in 2019.